Part 1
Subject Matter and Definitions

Section 382-A:4A-105

    382-A:4A-105 Other Definitions. –
(a) In this Article:
(1) "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.
(2) "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.
(3) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.
(4) "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.
(5) "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.
(6) [Repealed.]
(7) "Prove" with respect to a fact means to meet the burden of establishing the fact (Section 1-201(b)(8)).
(b) Other definitions applying to this Article and the sections in which they appear are:
"Acceptance" Section 4A-209.
"Beneficiary" Section 4A-103.
"Beneficiary's bank" Section 4A-103.
"Executed" Section 4A-301.
"Execution date" Section 4A-301.
"Funds transfer" Section 4A-104.
"Funds-transfer system rule" Section 4A-501.
"Intermediary bank" Section 4A-104.
"Originator" Section 4A-104.
"Originator's bank" Section 4A-104.
"Payment by beneficiary's bank to beneficiary" Section 4A-405.
"Payment by originator to beneficiary" Section 4A-406.
"Payment by sender to receiving bank" Section 4A-403.
"Payment date" Section 4A-401.
"Payment order" Section 4A-103.
"Receiving bank" Section 4A-103.
"Security procedure" Section 4A-201.
"Sender" Section 4A-103.

(c) The following definitions in Article 4 apply to this Article:
"Clearing house" Section 4-104.
"Item" Section 4-104.
"Suspends payments" Section 4-104.

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

Source. 1993, 346:7, eff. Jan. 1, 1994. 2006, 169:11, 16, V, eff. Jan. 1, 2007.