57A-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 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)      (Reserved.)

             (7)      "Prove" with respect to a fact means to meet the burden of establishing the fact (§ 57A-1-201(b)(8)).

     (b) Other definitions applying to this chapter and the sections in which they appear are:

             "Acceptance" § 57A-4A-209

             "Beneficiary" § 57A-4A-103

             "Beneficiary's bank" § 57A-4A-103

             "Executed" § 57A-4A-301

             "Execution date" § 57A-4A-301

             "Funds transfer" § 57A-4A-104

             "Funds-transfer system rule" § 57A-4A-501

             "Intermediary bank" § 57A-4A-104

             "Originator" § 57A-4A-104

             "Originator's bank" § 57A-4A-104

             "Payment by beneficiary's bank to beneficiary" § 57A-4A-405

             "Payment by originator to beneficiary" § 57A-4A-406

             "Payment by sender to receiving bank" § 57A-4A-403

             "Payment date" § 57A-4A-401

             "Payment order" § 57A-4A-103

             "Receiving bank" § 57A-4A-103

             "Security procedure" § 57A-4A-201

             "Sender" § 57A-4A-103

     (c) The following definitions in chapter 57A-4 apply to this chapter:

             "Clearing house" § 57A-4-104

             "Item" § 57A-4-104

             "Suspends payments" § 57A-4-104

     (d) In addition chapter 57A-1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Source: SL 1991, ch 397, § 1; SL 1992, ch 336, § 1; SL 2008, ch 259, § 37.

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