§ 57A-4A-105 — Other definitions.

(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 (§ 57A-1-201(b)(8)). (b) Other definitions applying to this chapter and the sections in which they appear are: "Acceptance" § 57A-4A-209 "Beneficiary" § 57A-4A-103 "Beneficiary's bank" § 57A-4A-103 "Executed" § 57A-4A-301 "Execution date" § 57A-4A-301 "Funds transfer" § 57A-4A-104 "Funds-transfer system rule" § 57A-4A-501 "Intermediary bank" § 57A-4A-104 "Originator" § 57A-4A-104 "Originator's bank" § 57A-4A-104 "Payment by beneficiary's bank to beneficiary" § 57A-4A-405 "Payment by originator to beneficiary" § 57A-4A-406 "Payment by sender to receiving bank" § 57A-4A-403 "Payment date" § 57A-4A-401 "Payment order" § 57A-4A-103 "Receiving bank" § 57A-4A-103 "Security procedure" § 57A-4A-201 "Sender" § 57A-4A-103 (c) The following definitions in chapter 57A-4 apply to this chapter: "Clearing house" § 57A-4-104 "Item" § 57A-4-104 "Suspends payments" § 57A-4-104 (d) In addition chapter 57A-1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Legislative History

SL 1991, ch 397, § 1; SL 1992, ch 336, § 1; SL 2008, ch 259, § 37.