(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) (For effective date, see note.) Reserved.
(7) (For effective date, see note.) "Prove" with respect to a fact means to meet the burden of establishing the fact (Code Section 11-1-201(b)(8)).
(b) Other definitions applying to this article and the Code sections in which they appear are: "Acceptance." Code Section 11-4A-209. "Beneficiary." Code Section 11-4A-103. "Beneficiary's bank." Code Section 11-4A-103. "Executed." Code Section 11-4A-301. "Execution date." Code Section 11-4A-301. "Funds transfer." Code Section 11-4A-104. "Funds-transfer system rule." Code Section 11-4A-501. "Intermediary bank." Code Section 11-4A-104. "Originator." Code Section 11-4A-104. "Originator's bank." Code Section 11-4A-104. "Payment by beneficiary's bank to beneficiary." Code Section 11-4A-405. "Payment by originator to beneficiary." Code Section 11-4A-406. "Payment by sender to receiving bank." Code Section 11-4A-403. "Payment date." Code Section 11-4A-401. "Payment order." Code Section 11-4A-103. "Receiving bank." Code Section 11-4A-103. "Security procedure." Code Section 11-4A-201. "Sender." Code Section 11-4A-103.
(c) The following definitions in Article 4 of this title apply to this article: "Clearing house." Code Section 11-4-104. "Item." Code Section 11-4-104. "Suspends payments." Code Section 11-4-104.
(d) In addition Article 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this article.
Section: Previous 11-4a-101 11-4a-102 11-4a-103 11-4a-104 11-4a-105 11-4a-106 11-4a-107 11-4a-108 NextLast modified: October 14, 2016