This section defines key terms used in the chapter, including authorized account, bank, customer, funds-transfer business day, funds-transfer system, good faith, and prove.
47-4A105 - Other definitions 47-4A105 . Other definitions A. In this chapter: 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 chapter. 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. "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing. 7. "Prove" with respect to a fact means to meet the burden of establishing the fact (section 47-1201, subsection B, paragraph 8). B. Other definitions applying to this chapter and the sections in which they appear are: 1. "Acceptance". Section 47-4A209. 2. "Beneficiary". Section 47-4A103. 3. "Beneficiary's bank". Section 47-4A103. 4. "Executed". Section 47-4A301. 5. "Execution date". Section 47-4A301. 6. "Funds transfer". Section 47-4A104. 7. "Funds-transfer system rule". Section 47-4A501. 8. "Intermediary bank". Section 47-4A104. 9. "Originator". Section 47-4A104. 10. "Originator's bank". Section 47-4A104. 11. "Payment by beneficiary's bank to beneficiary". Section 47-4A405. 12. "Payment by originator to beneficiary". Section 47-4A406. 13. "Payment by sender to receiving bank". Section 47-4A403. 14. "Payment date". Section 47-4A401. 15. "Payment order". Section 47-4A103. 16. "Receiving bank". Section 47-4A103. 17. "Security procedure". Section 47-4A201. 18. "Sender". Section 47-4A103. C. The following definitions in chapter 4 of this title apply to this chapter: 1. "Clearing house". Section 47-4104. 2. "Item". Section 47-4104. 3. "Suspends payments". Section 47-4104. D. In addition, chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.