Minnesota § 336.4A-105 336.4A-105 OTHER DEFINITIONS.

Minnesota Statutes

§ 336.4A-105 — 336.4A-105 OTHER DEFINITIONS.

Minnesota § 336.4A-105

PartTRADE REGULATIONS, CONSUMER PROTECTION

Ch. 336UNIFORM COMMERCIAL CODE

This text of Minnesota § 336.4A-105 (336.4A-105 OTHER DEFINITIONS.) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 336.4A-105 (2026).

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 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-transfe

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(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 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 clearinghouse, or other communication system of a clearinghouse 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 (section336.1-201(b)(8)).
(b) Other definitions applying to the article and the sections in which they appear:
"Acceptance." Section336.4A-209.
"Beneficiary." Section336.4A-103.
"Beneficiary's bank." Section336.4A-103.
"Executed." Section336.4A-301.
"Execution date." Section336.4A-301.
"Funds transfer." Section336.4A-104.
"Funds-transfer system rule." Section336.4A-501.
"Intermediary bank." Section336.4A-104.
"Originator." Section336.4A-104.
"Originator's bank." Section336.4A-104.
"Payment by beneficiary's bank to beneficiary." Section336.4A-405.
"Payment by originator to beneficiary." Section336.4A-406.
"Payment by sender to receiving bank." Section336.4A-403.
"Payment date." Section336.4A-401.
"Payment order." Section336.4A-103.
"Receiving bank." Section336.4A-103.
"Security procedure." Section336.4A-201.
"Sender." Section336.4A-103.
(c) The following definitions in article 4 apply to this article:
"Clearinghouse." Section336.4-104.
"Item." Section336.4-104.
"Suspends payments." Section336.4-104.
(d) In addition, sections336.1-101to336.1-206contain general definitions and principles of construction and interpretation applicable throughout this article.