70A-4a-105 - Other definitions.
70A-4a-105. Other definitions.
(1) In this chapter:
(a) "Authorized account" means a deposit account of a customer in a bank designated bythe customer as a source of payment orders issued by the customer to the bank. If a customerdoes not so designate an account, any account of the customer is an authorized account ifpayment of a payment order from that account is not inconsistent with a restriction on the use ofthat account.
(b) "Bank" means a person engaged in the business of banking, and includes a savingsbank, savings and loan association, credit union, and trust company. A branch or separate officeof a bank is a separate bank for purposes of this chapter.
(c) "Customer" means a person, including a bank, having an account with a bank or fromwhom a bank has agreed to receive payment orders.
(d) "Funds transfer business day" of a receiving bank means the part of a day duringwhich the receiving bank is open for the receipt, processing, and transmittal of payment ordersand cancellations and amendments of payment orders.
(e) "Funds transfer system" means a wire transfer network, automated clearing house, orother communication system of a clearing house or other association of banks through which apayment order by a bank may be transmitted to the bank to which the order is addressed.
(f) "Good faith" means honesty in fact and the observance of reasonable commercialstandards of fair dealing.
(g) "Prove" with respect to a fact means to meet the burden of establishing the fact underSubsection 70A-1a-201(2)(h).
(2) Other definitions applying to this chapter and the sections in which they appear are:
(a) "Acceptance," Section 70A-4a-209.
(b) "Beneficiary," Section 70A-4a-103.
(c) "Beneficiary's bank," Section 70A-4a-103.
(d) "Executed," Section 70A-4a-301.
(e) "Execution date," Section 70A-4a-301.
(f) "Funds transfer system rule," Section 70A-4a-501.
(g) "Funds transfer," Section 70A-4a-104.
(h) "Intermediary bank," Section 70A-4a-104.
(i) "Originator," Section 70A-4a-104.
(j) "Originator's bank," Section 70A-4a-104.
(k) "Payment by beneficiary's bank to beneficiary," Section 70A-4a-405.
(l) "Payment by originator to beneficiary," Section 70A-4a-406.
(m) "Payment by sender, to receiving bank," Section 70A-4a-403.
(n) "Payment date," Section 70A-4a-401.
(o) "Payment order," Section 70A-4a-103.
(p) "Receiving bank," Section 70A-4a-103.
(q) "Security procedure," Section 70A-4a-201.
(r) "Sender," Section 70A-4a-103.
(3) The following definitions in Chapter 4, Uniform Commercial Code - Bank Depositsand Collections, apply to this chapter:
(a) "Clearinghouse," Section 70A-4-104.
(b) "Item," Section 70A-4-104.
(c) "Suspends payments," Section 70A-4-104.
(4) In addition, Chapter 1a, Uniform Commercial Code - General Provisions, containsgeneral definitions and principles of construction and interpretation applicable throughout thischapter.
Amended by Chapter 272, 2007 General Session