Section 36-4A-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.(7) "Prove" with respect to a fact means to meet the burden of establishing the fact (Section 36-1-201(b)(8)).(b) Other definitions applying to this chapter and the sections in which they appear are: "Acceptance" Section 36-4A-209"Beneficiary" Section 36-4A-103"Beneficiary's bank" Section 36-4A-103"Executed" Section 36-4A-301"Execution date" Section 36-4A-301"Funds transfer" Section 36-4A-104"Funds-transfer system rule" Section 36-4A-501"Intermediary bank" Section 36-4A-104"Originator" Section 36-4A-104"Originator's bank" Section 36-4A-104"Payment by beneficiary's bank to beneficiary" Section 36-4A-405"Payment by originator to beneficiary" Section 36-4A-406"Payment by sender to receiving bank" Section 36-4A-403"Payment date" Section 36-4A-401"Payment order" Section 36-4A-103"Receiving bank" Section 36-4A-103"Security procedure" Section 36-4A-201"Sender" Section 36-4A-103
(c) The following definitions in Chapter 4 apply to this chapter: "Clearing house" Section 36-4-104"Item" Section 36-4-104"Suspends payments" Section 36-4-104
(d) In addition, Chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.Amended by 2014 S.C. Acts, Act No. 213 (SB 343), s 27, eff. 10/1/2014.1996 Act No. 221, Section 1. 2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."