(1) As used in this chapter:
(a) “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.
(b) “Bank” means a financial institution, as defined in ORS 706.008. A branch or separate office of 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 from whom a bank has agreed to receive payment orders.
(d) “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.
(e) “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.
(f) “Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing.
(g) “Prove” with respect to a fact means to meet the burden of establishing the fact.
(2) Other definitions applying to this chapter and the sections in which they appear are:
“Acceptance”ORS 74A.2090
“Beneficiary”ORS 74A.1030
“Beneficiary’s bank”ORS 74A.1030
“Executed”ORS 74A.3010
“Execution date”ORS 74A.3010
“Funds transfer”ORS 74A.1040
“Funds-transfer system rule”ORS 74A.5010
“Intermediary bank”ORS 74A.1040
“Originator”ORS 74A.1040
“Originator’s bank”ORS 74A.1040
“Payment by beneficiary’s
bank to beneficiary”ORS 74A.4050
“Payment by originator to
beneficiary”ORS 74A.4060
“Payment by sender
to receiving bank”ORS 74A.4030
“Payment date”ORS 74A.4010
“Payment order”ORS 74A.1030
“Receiving bank”ORS 74A.1030
“Security procedure”ORS 74A.2010
“Sender”ORS 74A.1030
(3) The following definitions in ORS chapter 74 apply to this chapter and ORS 71.1010:
“Clearing house”ORS 74.1040
“Item”ORS 74.1040
“Suspends payments”ORS 74.1040
(4) In addition ORS chapter 71 contains general definitions and principles of construction and interpretation applicable throughout this chapter. [1991 c.442 §5; 1997 c.631 §381]
Section: Previous 74A.1010 74A.1020 74A.1030 74A.1040 74A.1050 74A.1060 74A.1070 74A.1080 74A.2010 74A.2020 74A.2030 74A.2040 74A.2050 74A.2060 74A.2070 NextLast modified: August 7, 2008