Florida Statute 670.103 - Full Text and Legal Analysis

The 2024 Florida Statutes (including 2025 Special Session C)

Title XXXIX
COMMERCIAL RELATIONS

Chapter 670
UNIFORM COMMERCIAL CODE: FUNDS TRANSFERS

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F.S. 670.103

670.103 Payment order: definitions.—

(1) In this chapter, the term:

(a) “Beneficiary” means the person to be paid by the beneficiary’s bank.

(b) “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.

(c) “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:

1. The instruction does not state a condition to payment to the beneficiary other than time of payment;

2. The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender; and

3. 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.

(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 paragraph (1)(c) 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.

History.—s. 1, ch. 91-70.

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Amendments to 670.103

Annotations, Discussions, Cases:

Cases Citing Statute 670.103

Total Results: 3

Roger Chavez v. Mercantil Commercebank, N.A.

701 F.3d 896, 79 U.C.C. Rep. Serv. 2d (West) 152, 2012 U.S. App. LEXIS 24358, 2012 WL 5907151

Court of Appeals for the Eleventh Circuit | Filed: Nov 27, 2012 | Docket: 391421

Cited 26 times | Published

be initiated by a written payment order. Id. § 670.103. The statutes at issue here are Fla. Stat. §§

Anderson v. Branch Banking & Trust Co. ex rel. BankAtlantic, LLC

119 F. Supp. 3d 1328, 87 U.C.C. Rep. Serv. 2d (West) 182, 2015 U.S. Dist. LEXIS 98235, 2015 WL 4554921

District Court, S.D. Florida | Filed: Jul 28, 2015 | Docket: 64303285

Cited 7 times | Published

is initiated via a "payment order.” Fla. Stat. § 670.103(l)(c); see also Fla. Stat. § 670.102 cmt. 1. As

Gilbert & Caddy, P.A. v. JP Morgan Chase Bank, N.A.

193 F. Supp. 3d 1294, 2016 U.S. Dist. LEXIS 183865, 2016 WL 4613388

District Court, S.D. Florida | Filed: Jun 15, 2016 | Docket: 64309452

Cited 2 times | Published

order” and ‘‘beneficiary,” see Fla. Stat. Ann. § 670.103. . To the extent that UCC § 4A applies to wire