P.R. Laws tit. 19, § 1025
(a) In §§ 1021-1167 of this title:
(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, a savings and loan association, a savings and loan union or cooperative, and a trust company. A branch or separate office of a bank is a separate bank for purposes of §§ 1021-1167 of this title.
(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 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) Good faith. — Means honesty in fact and the observance of reasonable commercial standards of fair dealing.
(7) Prove. — With respect to a fact means to meet the burden of establishing the fact (§ 451(8) of this title).
(b) Other definitions applying to §§ 1021-1167 of this title and the sections in which they appear are:
(1) Acceptance § 1059
(2) Beneficiary § 1023
(3) Beneficiary’s bank § 1023
(4) Executed § 1101
(5) Execution date § 1101
(6) Funds transfer § 1024
(7) Funds-transfer system rule § 1161
(8) Intermediary bank § 1024
(9) Originator § 1024
(10) Originator’s bank § 1024
(11) Payment by beneficiary’s bank to beneficiary § 1135
(12) Payment by originator to beneficiary § 1136
(13) Payment by sender to receiving bank § 1133
(14) Payment date § 1131
(15) Payment order § 1023
(16) Receiving bank § 1023
(17) Security procedure § 1051
(18) Sender § 1023
(c) The following definitions in §§ 801-1004 of this title apply to §§ 1021-1167 of this title:
(1) Clearing house § 804
(2) Item § 804
(3) Suspends payments § 804
(d) In addition §§ 401-458 of this title contain general definitions and principles of construction and interpretation applicable throughout §§ 1021-1167 of this title.
History —Aug. 17, 1995, No. 208, § 4-105; Aug. 31, 1996, No. 176, § 4.