Payment Order Law and Legal Definition
Payment Order is an order or an instruction of a sender to a receiving bank directing transfer of funds to a designated account or beneficiary. Payment Orders direct payment of a specific amount to a third party. However, Payment Orders should not state any condition for payment other than time of payment. The receiving bank should be reimbursed by debiting an account of the sender. A common example of Payment Order is a draft written against a Negotiable Order of Withdrawal. Payment Orders can be transmitted orally, in writing or electronically. Generally, Payment Orders are sent via mail, telex, or through Society for Worldwide Inter-bank Financial Telecommunication (SWIFT).
Legal Definition list
Related Legal Terms
- Accelerated Payments
- Additional Principal Payment
- Affiliation Order
- Agreed Order
- Agreement on Border Environment Cooperation Commission
- Alcohol-Related Neurodevelopmental Disorders
- Alternate Payee to Qualified Domestic Relations Order
- Anti-Social Behavior Order
- Antisocial Personality Disorder
- Antitrust Order
