Va. Code § 8.4A-105

Current with changes from the 2024 legislative session through ch. 845

Section 8.4A-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 orders issued by the customer to the bank. If a customer does 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 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) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.

(7) "Prove" with respect to a fact means to meet the burden of establishing the fact as provided in § 8.1A-201A(b)(8).

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

"Acceptance"§ 8.4-209A.

"Beneficiary"§ 8.4-103A.

"Beneficiary's bank"§ 8.4-103A.

"Executed"§ 8.4-301A.

"Execution date"§ 8.4-301A.

"Funds transfer"§ 8.4-104A.

"Funds-transfer system rule"§ 8.4-501A.

"Intermediary bank"§ 8.4-104A.

"Originator"§ 8.4-104A.

"Originator's bank"§ 8.4-104A.

"Payment by beneficiary's bank to beneficiary"§ 8.4-405A.

"Payment by originator to beneficiary"§ 8.4-406A.

"Payment by sender to receiving bank"§ 8.4-403A.

"Payment date"§ 8.4-401A.

"Payment order"§ 8.4-103A.

"Receiving bank"§ 8.4-103A.

"Security procedure"§ 8.4-201A.

"Sender"§ 8.4-103A.

(c) The following definitions in Title 8.4 apply to this title:

"Clearinghouse"§ 8.4-104.

"Item"§ 8.4-104.

"Suspends payments"§ 8.4-104.

(d) In addition, Title 8.1A contains general definitions and principles of construction and interpretation applicable throughout this title.

Va. Code § 8.4A-105

1990, c. 9; 2003, c. 353.

Amended by Acts 2003, § c. 353.

Amended by Acts 1990, § c. 9.