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.