D.C. Code § 28:4A-105

Current through codified legislation effective September 18, 2024

Section 28:4A-105 - Other definitions

(a) In this article:

(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 article.

(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(6) Repealed.

(7) "Prove" with respect to a fact means to meet the burden of establishing the fact under § 28:1-201(b)(8).

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

"Acceptance". § 28:4A-209

"Beneficiary". § 28:4A-103

"Beneficiary's bank". § 28:4A-103

"Executed". § 28:4A-301

"Execution date". § 28:4A-301

"Funds transfer". § 28:4A-104

"Funds-transfer system rule". § 28:4A-501

"Intermediary bank". § 28:4A-104

"Originator". § 28:4A-104

"Originator's bank". § 28:4A-104

"Payment by beneficiary's bank to beneficiary". § 28:4A-405

"Payment by originator to beneficiary". § 28:4A-406

"Payment by sender to receiving bank". § 28:4A-403

"Payment date". § 28:4A-401

"Payment order". § 28:4A-103

"Receiving bank". § 28:4A-103

"Security procedure". § 28:4A-201

"Sender". § 28:4A-103

The following definitions in Article 4 apply to this article:

"Clearing house". § 28:4-104

"Item". § 28:4-104

"Suspends payments". § 28:4-104

In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.

D.C. Code § 28:4A-105

Apr. 30, 1992, D.C. Law 9-95, § 2(c), 39 DCR 1595; Apr. 27, 2013, D.C. Law 19-299, § 7(a), 60 DCR 2634.