Nev. Rev. Stat. § 104A.4105

Current through 82nd (2023) Legislative Session Chapter 535 and 34th (2023) Special Session Chapter 1 and 35th (2023) Special Session Chapter 1

Section 104A.4105 - 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.

(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.

(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.

(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.

(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.

(f) "Prove" with respect to a fact means to meet the burden of establishing the fact (paragraph (h) of subsection 2 of NRS 104.1201).

2. Other definitions applying to this Article and the sections in which they appear are:

"Acceptance."NRS 104A.4209.

"Beneficiary."NRS 104A.4103.

"Beneficiary's bank."NRS 104A.4103.

"Executed."NRS 104A.4301.

"Execution date."NRS 104A.4301.

"Funds transfer."NRS 104A.4104.

"Funds-transfer system rule."NRS 104A.4501.

"Intermediary bank."NRS 104A.4104.

"Originator."NRS 104A.4104.

"Originator's bank."NRS 104A.4104.

"Payment by beneficiary's bank to beneficiary." NRS NRS 104A.4405.

"Payment by originator to beneficiary." NRS NRS 104A.4406.

"Payment by sender to receiving bank." NRS NRS 104A.4403.

"Payment date."NRS 104A.4401.

"Payment order."NRS 104A.4103.

"Receiving bank."NRS 104A.4103.

"Security procedure."NRS 104A.4201.

"Sender."NRS 104A.4103.

3. The following definitions in Article 4 apply to this Article:

"Clearing house."NRS 104.4104.

"Item."NRS 104.4104.

"Suspends payments."NRS 104.4104.

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

NRS 104A.4105

Added to NRS by 1991, 431; A 2005, 883