§ 4-4.5-105 — Other definitions

Colorado § 4-4.5-105

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Funds Transfers

Text

(a) In this article:

(1) Authorized account means a deposit account of a customer in a bank
designated by the customer as a source of payment of payment orders issued by
the customer to the bank. If a customer does not so designate an account, any
account of the customer is an authorized account if payment of a payment order
from that account is not inconsistent with a restriction on the use of that account.

(2) Bank means a person engaged in the business of banking and includes
a savings bank, savings and loan association, credit union, and trust company. A
branch or separate office of a bank is a separate bank for purposes of this article.

(3) Customer means a person, including a bank, having an account with a
bank or from whom a bank has agreed to receive payment orders.

(4) Funds-transfer business day of a receiving bank means the part of a
day during which the receiving bank is open for the receipt, processing, and
transmittal of payment orders and cancellations and amendments of payment
orders.

(5) Funds-transfer system means a wire transfer network, automated
clearing house, or other communication system of a clearing house or other
association of banks through which a payment order by a bank may be transmitted
to the bank to which the order is addressed.

(6) Good faith means honesty in fact and the observance of reasonable
commercial standards of fair dealing.

(7) Prove with respect to a fact means to meet the burden of establishing
the fact (section 4-1-201 (b)(8)).

(b) Other definitions applying to this article and the sections in which they
appear are:

Acceptance.Section 4-4.5-209

Beneficiary.Section 4-4.5-103

Beneficiary's bank.Section 4-4.5-103

Executed.Section 4-4.5-301

Execution date.Section 4-4.5-301

Funds transfer.Section 4-4.5-104

Funds-transfer system rule.Section 4-4.5-501

Intermediary bank.Section 4-4.5-104

Originator.Section 4-4.5-104

Originator's bank.Section 4-4.5-104

Payment by beneficiary's bank to beneficiary.Section 4-4.5-405

Payment by originator to beneficiary.Section 4-4.5-406

Payment by sender to receiving bank.Section 4-4.5-403

Payment date.Section 4-4.5-401

Payment order.Section 4-4.5-103

Receiving bank.Section 4-4.5-103

Security procedure.Section 4-4.5-201

Sender.Section 4-4.5-103

(c) The following definitions in article 4 of this title apply to this article:

Clearing house.Section 4-4-104

Item.Section 4-4-104

Suspends payments.Section 4-4-104

(d) In addition, article 1 contains general definitions and principles of
construction and interpretation applicable throughout this article.

Legislative History

Source: L. 90: Entire article added, p. 343, � 1, effective January 1, 1991. L. 2006: (a)(7) amended, p. 497, � 28, effective September 1. L. 2013: (a)(2) amended, (SB 13-154), ch. 282, p. 1468, � 18, effective July 1.