34.1-4.A-105. Other definitions.

(a) In this article:

(i) "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;

(ii) "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;

(iii) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders;

(iv) "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;

(v) "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;

(vi) Reserved;

(vii) "Prove" with respect to a fact means to meet the burden of establishing the fact (section 34.1-1-201(b)(viii)).

(b) Other definitions applying to this article and the sections in which they appear are:

"Acceptance" Section 34.1-4.A-209

"Beneficiary" Section 34.1-4.A-103

"Beneficiary's bank" Section 34.1-4.A-103

"Executed" Section 34.1-4.A-301

"Execution date" Section 34.1-4.A-301

"Funds transfer" Section 34.1-4.A-104

"Funds-transfer system rule" Section 34.1-4.A-501

"Intermediary bank" Section 34.1-4.A-104

"Originator" Section 34.1-4.A-104

"Originator's bank" Section 34.1-4.A-104

"Payment by beneficiary's

bank to beneficiary" Section 34.1-4.A-405

"Payment by originator to

beneficiary" Section 34.1-4.A-406

"Payment by sender to

receiving bank" Section 34.1-4.A-403

"Payment date" Section 34.1-4.A-401

"Payment order" Section 34.1-4.A-103

"Receiving bank" Section 34.1-4.A-103

"Security procedure" Section 34.1-4.A-201

"Sender" Section 34.1-4.A-103

(c) The following definitions in article 4 apply to this article:

"Clearing house" Section 34.1-4-104

"Item" Section 34.1-4-104

"Suspends payments" Section 34.1-4-104

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