Section 47-4A-105 - Other definitions(a) In this chapter: (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 chapter;(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 clearinghouse, or other communication system of a clearinghouse 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) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing; and(7) "Prove" with respect to a fact means to meet the burden of establishing the fact (§ 47-1-201(b)(8)).(b) Other definitions applying to this chapter and the sections in which they appear are: "Acceptance" | § 47-4A-209 |
"Beneficiary" | § 47-4A-103 |
"Beneficiary's bank" | § 47-4A-103 |
"Executed" | § 47-4A-301 |
"Execution date" | § 47-4A-301 |
"Funds transfer" | § 47-4A-104 |
"Funds-transfer system rule" | § 47-4A-501 |
"Intermediary bank" | § 47-4A-104 |
"Originator" | § 47-4A-104 |
"Originator's bank" | § 47-4A-104 |
"Payment by beneficiary's bank to beneficiary" | § 47-4A-405 |
"Payment by originator to beneficiary" | § 47-4A-406 |
"Payment by sender to receiving bank" | § 47-4A-403 |
"Payment date" | § 47-4A-401 |
"Payment order" | § 47-4A-103 |
"Receiving bank" | § 47-4A-103 |
"Security procedure" | § 47-4A-201 |
"Sender" | § 47-4A-103 |
(c) The following definitions in chapter 4 of this title apply to this chapter: "Clearinghouse" | § 47-4-104 |
"Item" | § 47-4-104 |
"Suspends payments" | § 47-4-104 |
(d) In addition, chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.Acts 1991, ch. 52, § 1; 2008 , ch. 930, § 10.