§4-1105. Other definitions

Link to law: http://legislature.maine.gov/legis/statutes/11/title11sec4-1105.html
Published: 2015

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§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).