§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

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)

Other definitions applying to this Article and the sections in which they appear


Section 4-1209


Section 4-1103

"Beneficiary's bank"

Section 4-1103


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


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


Section 4-1103

1991, c. 812, §2 (NEW)

The following definitions in Article 4 apply to this Article:

"Clearing house"

Section 4-104


Section 4-104

"Suspends payments"

Section 4-104

1991, c. 812, §2 (NEW)

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).