This text of North Dakota § 41-04.1-05 ((4A-105) Other definitions) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.In this chapter:
a."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.
b."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.
c."Customer" means a person, including a bank, having an account with a bank or
from whom a bank has agreed to receive payment orders.
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1. In this chapter:
a. "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.
b. "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.
c. "Customer" means a person, including a bank, having an account with a bank or
from whom a bank has agreed to receive payment orders.
d. "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.
e. "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.
f. (Reserved).
g. "Prove" with respect to a fact means to meet the burden of establishing the fact.
Subdivision h of subsection 2 of section 41-01-09.
2. Other definitions applying to this chapter and the sections in which they appear are:
a. "Acceptance". Section 41-04.1-17.
b. "Beneficiary". Section 41-04.1-03.
c. "Beneficiary's bank". Section 41-04.1-03.
d. "Executed". Section 41-04.1-21.
e. "Execution date". Section 41-04.1-21.
f. "Funds transfer". Section 41-04.1-04.
g. "Funds-transfer system rule". Section 41-04.1-32.
h. "Intermediary bank". Section 41-04.1-04.
i. "Originator". Section 41-04.1-04.
j. "Originator's bank". Section 41-04.1-04.
k. "Payment by beneficiary's bank to beneficiary". Section 41-04.1-30.
l. "Payment by originator to beneficiary". Section 41-04.1-31.
m. "Payment by sender to receiving bank". Section 41-04.1-28.
n. "Payment date". Section 41-04.1-26.
o. "Payment order". Section 41-04.1-03.
p. "Receiving bank". Section 41-04.1-03.
q. "Security procedure". Section 41-04.1-26.
r. "Sender". Section 41-04.1-03.
3. The following definitions in chapter 41-04 apply to this chapter:
a. "Clearinghouse". Section 41-04-04.
b. "Item". Section 41-04-04.
c. "Suspends payments". Section 41-04-04.
4. In addition, chapter 41-01 contains general definitions and principles of construction
and interpretation applicable throughout this chapter.