§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, §27 (AFF); 2009, c. 325, Pt. B, §18 (RP).]
(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)
.]
SECTION HISTORY
1991, c. 812, §2 (NEW).
2009, c. 325, Pt. B, §§17-19 (AMD).
2009, c. 325, Pt. B, §27 (AFF).
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