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.