Ky. Rev. Stat. § 355.4A-105

Current through Acts Received April 24, 2024

Section 355.4A-105 - Other definitions

(1) In this article:

(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 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;

(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; and

(f) (Reserved)

(g) "Prove" with respect to a fact means to meet the burden of establishing the fact, as defined in KRS 355.1-201(2).

(2) Other definitions applying to this article and the sections of this article in which they appear are:

(a) "Acceptance." KRS 355.4A-209;

(b) "Beneficiary." KRS 355.4A-103;

(c) "Beneficiary's bank." KRS 355.4A-103;

(d) "Executed." KRS 355.4A-301;

(e) "Execution date." KRS 355.4A-301;

(f) "Funds transfer." KRS 355.4A-104;

(g) "Funds-transfer system rule." KRS 355.4A-501;

(h) "Intermediary bank." KRS 355.4A-104;

(i) "Originator." KRS 355.4A-104;

(j) "Originator's bank." KRS 355.4A-104;

(k) "Payment by beneficiary's bank to beneficiary." KRS 355.4A-405;

(l) "Payment by originator to beneficiary." KRS 355.4A-406;

(m) "Payment by sender to receiving bank." KRS 355.4A-403;

(n) "Payment date." KRS 355.4A-401;

(o) "Payment order." KRS 355.4A-103;

(p) "Receiving bank." KRS 355.4A-103;

(q) "Security procedure." KRS 355.4A-201; and

(r) "Sender." KRS 355.4A-103.

(3) The following definitions in Article 4 of KRS Chapter 355 apply to this article:

(a) "Clearing house." KRS 355.4-104;

(b) "Item." KRS 355.4-104; and

(c) "Suspends payments." KRS 355.4-104.

(4) In addition, Article 1 of KRS Chapter 355 contains general definitions and principles of construction and interpretation applicable throughout this article.

KRS 355.4A-105

Effective:7/12/2006
Amended 2006, Ky. Acts ch. 242, sec. 52, effective7/12/2006. -- Created 1992 Ky. Acts ch. 116, sec. 28, effective 7/14/1992.