<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 57A-4A-104 - Funds transfer--Definitions. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2073487Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073487SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073487CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2073487Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2073487DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2073487Normal-000001 { margin-top: 0; margin-bottom: 0; margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-right: 0; } span.s2073487000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2073487SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2073487SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2073487Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=57A-4A-104"><span class="s2073487SENU">57A-4A-104</span></a><span xml:space="preserve" class="s2073487SENU">. </span><span class="s2073487CL">Funds transfer--Definitions.</span></p><p dir="ltr" class="s2073487Normal-000000"><span class="s2073487DefaultParagraphFont">In this chapter:</span></p><p dir="ltr" class="s2073487Normal-000001"><span class="s2073487DefaultParagraphFont">(a)    "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.</span></p><p dir="ltr" class="s2073487Normal-000001"><span class="s2073487DefaultParagraphFont">(b)    "Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank.</span></p><p dir="ltr" class="s2073487Normal-000001"><span class="s2073487DefaultParagraphFont">(c)    "Originator" means the sender of the first payment order in a funds transfer.</span></p><p dir="ltr" class="s2073487Normal-000001"><span class="s2073487DefaultParagraphFont">(d)    "Originator's bank" means (i) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank.</span></p><p dir="ltr" class="s2073487Normal"><span xml:space="preserve" class="s2073487000002"> </span></p><p dir="ltr" class="s2073487Normal"><span class="s2073487SCL">Source:</span><span xml:space="preserve" class="s2073487SCL-000003"> SL 1991, ch 397, § 1.</span></p></div></body></html>