Miss. Code § 75-4A-105

Current through 6/1/2024

Section 75-4A-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 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 75-1-201(b)(8)).

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

"Acceptance" Section 75-4A-209

"Beneficiary" Section 75-4A-103

"Beneficiary's bank" Section 75-4A-103

"Executed" Section 75-4A-301

"Execution date" Section 75-4A-301

"Funds transfer" Section 75-4A-104

"Funds-transfer system rule" Section 75-4A-501

"Intermediary bank" Section 75-4A-104

"Originator" Section 75-4A-104

"Originator's bank" Section 75-4A-104

"Payment by beneficiary's

bank to beneficiary" Section 75-4A-405

"Payment by originator to

beneficiary" Section 75-4A-406

"Payment by sender to

receiving bank" Section 75-4A-403

"Payment date" Section 75-4A-401

"Payment order" Section 75-4A-103

"Receiving bank" Section 75-4A-103

"Security procedure" Section 75-4A-201

"Sender" Section 75-4A-103

(c) The following definitions in Title 75, Chapter 4, apply to this chapter:

"Clearinghouse" Section 75-4-104

"Item" Section 75-4-104

"Suspends payments" Section 75-4-104

(d) In addition Title 75, Chapter 1, contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Miss. Code § 75-4A-105

Laws, 1991, ch. 316, § 1; Laws, 2010, ch. 506, § 34, eff. 7/1/2010.