§ 336.4A-105 — Other Definitions
Plain-Language Summary
This section defines additional terms used in Article 4A, including "authorized account," "bank," "customer," "funds-transfer business day," "funds-transfer system," and "prove." It also lists where many other terms (such as "acceptance," "payment order," and "originator") are defined in other sections, and it incorporates certain definitions from Article 4 and the general definitions in sections 336.1-101 to 336.1-206.
336.4A-105 OTHER DEFINITIONS.
(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 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 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) (Reserved.)
(7) “Prove” with respect to a fact means to meet the burden of establishing the fact (section 336.1-201(b)(8)).
(b) Other definitions applying to the article and the sections in which they appear:
“Acceptance.” Section 336.4A-209.
“Beneficiary.” Section 336.4A-103.
“Beneficiary’s bank.” Section 336.4A-103.
“Executed.” Section 336.4A-301.
“Execution date.” Section 336.4A-301.
“Funds transfer.” Section 336.4A-104.
“Funds-transfer system rule.” Section 336.4A-501.
“Intermediary bank.” Section 336.4A-104.
“Originator.” Section 336.4A-104.
“Originator’s bank.” Section 336.4A-104.
“Payment by beneficiary’s bank to beneficiary.” Section 336.4A-405.
“Payment by originator to beneficiary.” Section 336.4A-406.
“Payment by sender to receiving bank.” Section 336.4A-403.
“Payment date.” Section 336.4A-401.
“Payment order.” Section 336.4A-103.
“Receiving bank.” Section 336.4A-103.
“Security procedure.” Section 336.4A-201.
“Sender.” Section 336.4A-103.
(c) The following definitions in article 4 apply to this article:
“Clearinghouse.” Section 336.4-104.
“Item.” Section 336.4-104.
“Suspends payments.” Section 336.4-104.
(d) In addition, sections 336.1-101 to 336.1-206 contain general definitions and principles of construction and interpretation applicable throughout this article.
History:
1990 c 582 art 1 s 5; 1995 c 202 art 1 s 25; 2004 c 162 art 2 s 11; 2005 c 10 art 1 s 68
History: History: 1990 c 582 art 1 s 5; 1995 c 202 art 1 s 25; 2004 c 162 art 2 s 11; 2005 c 10 art 1 s 68