§ 6A-4.1-105 - Other definitions.
SECTION 6A-4.1-105
§ 6A-4.1-105 Other definitions. – (a) In this chapter:
(1) "Authorized account" means a deposit account of acustomer in a bank designated by the customer as a source of payment of paymentorders issued by the customer to the bank. If a customer does not so designatean account, any account of the customer is an authorized account if payment ofa payment order from that account is not inconsistent with a restriction on theuse of that account.
(2) "Bank" means a person engaged in the business of bankingand includes a savings bank, savings and loan association, credit union, andtrust company. A branch or separate office of a bank is a separate bank forpurposes of this chapter.
(3) "Customer" means a person, including a bank, having anaccount with a bank or from whom a bank has agreed to receive payment orders.
(4) "Funds transfer business day" of a receiving bank meansthe part of a day during which the receiving bank is open for the receipt,processing, and transmittal of payment orders and cancellations and amendmentsof payment orders.
(5) "Funds transfer system" means a wire transfer network,automated clearing house, or other communication system of a clearing house orother association of banks through which a payment order by a bank may betransmitted to the bank to which the order is addressed.
(6) "Good faith" means honesty in fact and the observance ofreasonable commercial standards of fair dealing.
(7) "Prove" with respect to a fact means to meet the burdenof establishing the fact (§ 6A-1-201(8)).
(b) Other definitions applying to this chapter and thesections in which they appear are:
"Acceptance" § 6A-4.1-209
"Beneficiary" § 6A-4.1-103
"Beneficiary's bank" § 6A-4.1-103
"Executed" § 6A-4.1-301
"Executed date" § 6A-4.1-301
"Funds transfer" § 6A-4.1-104
"Funds-transfer system rule" § 6A-4.1-501
"Intermediary bank" § 6A-4.1-104
"Originator" § 6A-4.1-104
"Originator's bank" § 6A-4.1-104
"Payment by beneficiary's bank to beneficiary" §6A-4.1-405
"Payment by originator to beneficiary" § 6A-4.1-406
"Payment by sender to receiving bank" § 6A-4.1-403
"Payment date" § 6A-4.1-401
"Payment order" § 6A-4.1-103
"Receiving bank" § 6A-4.1-103
"Security procedure" § 6A-4.1-201
"Sender" § 6A-4.1-103
(c) The following definitions in chapter 4 apply to thischapter;
"Clearing house" § 6A-4-104
"Item" § 6A-4-104
"Suspends payments" § 6A-4-104
(d) In addition part one contains general definitions andprinciples of construction and interpretation applicable throughout thischapter.