§ 25-4A-105. Other definitions.
Article 4A.
Funds Transfers
PART 1.
SUBJECT MATTER AND DEFINITIONS.
§ 25‑4A‑105. Other definitions.
(a) In this Article:
(1) "Authorizedaccount" means a deposit account of a customer in a bank designated by thecustomer as a source of payment of payment orders issued by the customer to thebank. If a customer does not so designate an account, any account of thecustomer is an authorized account if payment of a payment order from thataccount 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 orseparate 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 abank has agreed to receive payment orders.
(4) "Funds‑transferbusiness day" of a receiving bank means the part of a day during which thereceiving bank is open for the receipt, processing, and transmittal of paymentorders and cancellations and amendments of payment orders.
(5) "Funds‑transfersystem" means a wire transfer network, automated clearinghouse, or othercommunication system of a clearinghouse or other association of banks throughwhich a payment order by a bank may be transmitted to the bank to which theorder is addressed.
(6) Repealed by SessionLaws 2006‑112, s. 15, effective October 1, 2006.
(7) "Prove"with respect to a fact means to meet the burden of establishing the fact (G.S.25‑1‑201(b)(8)).
(b) Other definitionsapplying to this Article and the sections in which they appear are:
"Acceptance" G.S.25‑4A‑209
"Beneficiary" G.S.25‑4A‑103
"Beneficiary'sbank" G.S.25‑4A‑103
"Executed" G.S.25‑4A‑301
"Executiondate" G.S.25‑4A‑301
"Fundstransfer" G.S.25‑4A‑104
"Funds‑transfersystem rule" G.S.25‑4A‑501
"Intermediarybank" G.S.25‑4A‑104
"Originator" G.S.25‑4A‑104
"Originator'sbank" G.S.25‑4A‑104
"Paymentby beneficiary's bank to beneficiary" G.S.25‑4A‑405
"Paymentby originator to beneficiary" G.S.25‑4A‑406
"Paymentby sender to receiving bank" G.S.25‑4A‑403
"Paymentdate" G.S.25‑4A‑401
"Paymentorder" G.S.25‑4A‑103
"Receivingbank" G.S.25‑4A‑103
"Securityprocedure" G.S.25‑4A‑201
"Sender" G.S.25‑4A‑103.
(c) The followingdefinitions in Article 4 apply to this Article:
"Clearinghouse" G.S.25‑4‑104
"Item" G.S.25‑4‑104
"Suspendspayments" G.S.25‑4‑104.
(d) In addition,Article 1 of this Chapter contains general definitions and principles of constructionand interpretation applicable throughout this Article. (1993, c. 157, s. 1; 2006‑112,ss. 15, 16.)