Section 4-1105 - Other definitions(1). In this Article:(a). "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; [1991, c. 812, §2 (NEW).](b). "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; [1991, c. 812, §2 (NEW).](c). "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders; [1991, c. 812, §2 (NEW).](d). "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; [1991, c. 812, §2 (NEW).](e). "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; and [2009, c. 325, Pt. B, §17 (AMD); 2009, c. 325, Pt. B, §27 (AFF).](f). [2009, c. 325, Pt. B, §18 (RP); 2009, c. 325, Pt. B, §27 (AFF).](g). "Prove" with respect to a fact means to meet the burden of establishing the fact (section 1-1201, subsection (8)). [2009, c. 325, Pt. B, §19 (AMD); 2009, c. 325, Pt. B, §27 (AFF).] [2009, c. 325, Pt. B, §§17-19 (AMD); 2009, c. 325, Pt. B, §27 (AFF).]
(2). Other definitions applying to this Article and the sections in which they appear are: "Acceptance" | Section 4-1209 |
"Beneficiary" | Section 4-1103 |
"Beneficiary's bank" | Section 4-1103 |
"Executed" | Section 4-1301 |
"Execution date" | Section 4-1301 |
"Funds transfer" | Section 4-1104 |
"Funds transfer system rule" | Section 4-1501 |
"Intermediary bank" | Section 4-1104 |
"Originator" | Section 4-1104 |
"Originator's bank" | Section 4-1104 |
"Payment by beneficiary's bank to beneficiary" | Section 4-1405 |
"Payment by originator to beneficiary" | Section 4-1406 |
"Payment by sender to receiving bank" | Section 4-1403 |
"Payment date" | Section 4-1401 |
"Payment order" | Section 4-1103 |
"Receiving bank" | Section 4-1103 |
"Security procedure" | Section 4-1201 |
"Sender" | Section 4-1103 |
[1991, c. 812, §2 (NEW).]
(3). The following definitions in Article 4 apply to this Article: "Clearing house" | Section 4-104 |
"Item" | Section 4-104 |
"Suspends payments" | Section 4-104 |
[1991, c. 812, §2 (NEW).]
(4). In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. [1991, c. 812, §2 (NEW).]
1991, c. 812, § 2 (NEW) . 2009, c. 325, Pt. B, §§17-19 (AMD) . 2009, c. 325, Pt. B, §27 (AFF) .