New Jersey § 12a:4a-103

§ 12a:4a-103.

(1) In this chapter: (a) “ Payment order ” means an instruction of a sender to a receiving bank, transmitted orally, electronically,

or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount

of money to a beneficiary if: (i) the instruction does not state a condition to payment to the beneficiary other

than time of payment, (ii) the receiving bank is to be reimbursed by debiting an account of, or otherwise

receiving payment from, the sender, and (iii) the instruction is transmitted by the sender directly to the receiving bank

or to an agent, funds-transfer system, or communication system for transmittal to

the receiving bank. (b) “ Beneficiary ” means the person to be paid by the beneficiary's bank. (c) “ Beneficiary's bank ” means the bank identified in a payment order in which an account of the beneficiary

is to be credited pursuant to the order or which otherwise is to make payment to the

beneficiary if the order does not provide for payment to an account. (d) “ Receiving bank ” means the bank to which the sender's instruction is addressed. (e) “ Sender ” means the person giving the instruction to the receiving bank. (2) If an instruction complying with subsection (1)(a) is to make more than one payment

to a beneficiary, the instruction is a separate payment order with respect to each

payment. (3) A payment order is issued when it is sent to the receiving bank.