Vermont § 103 - § 4A—103.

§ 103. § 4A—103.

• Payment order—definitions (a) In this article: (1) “Payment order” means an instruction of a sender to a receiving bank, transmitted
  orally or in a record, 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. (2) “Beneficiary” means the person to be paid by the beneficiary’s bank. (3) “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. (4) “Receiving bank” means the bank to which the sender’s instruction is addressed. (5) “Sender” means the person giving the instruction to the receiving bank. (b) If an instruction complying with subdivision (a)(1) of this section is to make more
  than one payment to a beneficiary, the instruction is a separate payment order with
  respect to each payment. (c) A payment order is issued when it is sent to the receiving bank. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995; amended 2025, No. 17, § 5, eff. July 1, 2025.)