Current with changes from the 2024 Legislative Session
Section 4A-105 - Other definitions(a) In this title: (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 title.(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 (§ 1-208(b)(8)).(b) Other definitions applying to this title and the sections in which they appear are: "Acceptance" § 4A-209"Beneficiary" § 4A-103"Beneficiary's bank" § 4A-103"Executed" § 4A-301"Execution date" § 4A-301"Funds transfer" § 4A-104"Funds-transfer system rule" § 4A-501"Intermediary bank" § 4A-104"Originator" § 4A-104"Originator's bank" § 4A-104"Payment by beneficiary's bank to § 4A-405 beneficiary" "Payment by originator to beneficiary" § 4A-406"Payment by sender to receiving bank" § 4A-403"Payment date" § 4A-401"Payment order" § 4A-103"Receiving bank" § 4A-103"Security procedure" § 4A-201"Sender" § 4A-103
(c) The following definitions in Title 4 of this article apply to this title: "Clearing house" § 4-104"Item" § 4-104"Suspends payments" § 4-104
(d) In addition, Title 1 of this article contains general definitions and principles of construction and interpretation applicable throughout this title.