Louisiana § 10:4A-105 Other definitions

Louisiana Statutes

§ 10:4A-105 — Other definitions

Louisiana·Title 10 Commercial Laws

(a)In this Chapter:

(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 Chapter.

(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)"Fund

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(a) In this Chapter:
(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 Chapter.
(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) [Reserved.]
(7) "Prove" with respect to a fact means to meet the burden of establishing the fact (R.S. 10:1-201(b)(8)).
(b) Other definitions applying to this Chapter and the Sections in which they appear are:
"Acceptance"
R.S. 10:4A-209
"Beneficiary"
R.S. 10:4A-103
"Beneficiary's bank"
R.S. 10:4A-103
"Executed"
R.S. 10:4A-301
"Execution date"
R.S. 10:4A-301
"Funds transfer"
R.S. 10:4A-104
"Funds-transfer system rule"
R.S. 10:4A-501
"Intermediary bank"
R.S. 10:4A-104
"Originator"
R.S. 10:4A-104
"Originator's bank"
R.S. 10:4A-104
"Payment by beneficiary's bank
to beneficiary
R.S. 10:4A-405
"Payment by originator to beneficiary"
R.S. 10:4A-406
"Payment by sender to receiving bank"
R.S. 10:4A-403
"Payment date"
R.S. 10:4A-401
"Payment order"
R.S. 10:4A-103
"Receiving bank"
R.S. 10:4A-103
"Security procedure"
R.S. 10:4A-201
"Sender"
R.S. 10:4A-103
(c) The following definitions in Chapter 4 apply to this Chapter:
"Clearing house"
R.S. 10:4-104
"Item"
R.S. 10:4-104
"Suspends payments"
R.S. 10:4-104
(d) In addition Chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this Chapter.