Section 55-4A-105 - Other definitions.
55-4A-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) [Reserved]; and
(7) "prove" with respect to a fact means to meet the burden of establishing the fact (Paragraph (8) of Subsection (b) of Section 55-1-201 NMSA 1978).
(b) Other definitions applying to this article and the sections in which they appear are:
"acceptance" Section 55-4A-209 NMSA 1978; "beneficiary" Section 55-4A-103 NMSA 1978; "beneficiary's bank" Section 55-4A-103 NMSA 1978; "executed" Section 55-4A-301 NMSA 1978; "execution date" Section 55-4A-301 NMSA 1978; "funds transfer" Section 55-4A-104 NMSA 1978; "funds-transfer system rule" Section 55-4A-501 NMSA 1978; "intermediary bank" Section 55-4A-104 NMSA 1978; "originator" Section 55-4A-104 NMSA 1978; "originator's bank" Section 55-4A-104 NMSA 1978; "payment by beneficiary's bank to beneficiary" Section 55-4A-405 NMSA 1978; "payment by originator to beneficiary" Section 55-4A-406 NMSA 1978; "payment by sender to receiving bank" Section 55-4A-403 NMSA 1978; "payment date" Section 55-4A-401 NMSA 1978; "payment order" Section 55-4A-103 NMSA 1978; "receiving bank" Section 55-4A-103 NMSA 1978; "security procedure" Section 55-4A-201 NMSA 1978; and "sender" Section 55-4A-103 NMSA 1978.
(c) The following definitions in Chapter 55, Article 4 NMSA 1978 apply to this article:
"clearing house" Section 55-4-104 NMSA 1978; "item" Section 55-4-104 NMSA 1978; and "suspends payments" Section 55-4-104 NMSA 1978.
(d) In addition, Chapter 55, Article 1 NMSA 1978 contains general definitions and principles of construction and interpretation applicable throughout this article.