Ark. Code § 4-4A-105

Current with legislation from 2024 Fiscal and Special Sessions.

Section 4-4A-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 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 (§ 4-1-201(b)(8)).

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

"Acceptance". Section 4-4A-209.

"Beneficiary". Section 4-4A-103.

"Beneficiary's bank". Section 4-4A-103.

"Executed". Section 4-4A-301.

"Execution date". Section 4-4A-301.

"Funds transfer". Section 4-4A-104.

"Funds-transfer system rule". Section 4-4A-501.

"Intermediary bank". Section 4-4A-104.

"Originator". Section 4-4A-104.

"Originator's bank". Section 4-4A-104.

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

"Payment by originator to beneficiary". Section 4-4A-406.

"Payment by sender to receiving bank". Section 4-4A-403.

"Payment date". Section 4-4A-401.

"Payment order". Section 4-4A-103.

"Receiving bank". Section 4-4A-103.

"Security procedure". Section 4-4A-201.

"Sender". Section 4-4A-103.

(c) The following definitions in Chapter 4 apply to this chapter:

"Clearinghouse". Section 4-4-104.

"Item". Section 4-4-104.

"Suspends payments". Section 4-4-104.

(d) In addition Chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Ark. Code § 4-4A-105

Acts 1991, No. 540, § 1; 2005, No. 856, § 51.