Section 400.4A-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 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.(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)"Good faith" means honesty in fact in the conduct or transaction concerned.(7)"Prove" with respect to a fact means to meet the burden of establishing the fact (Section 400.1-201(8)).(b) Other definitions applying to this Article and the sections in which they appear are: "Acceptance", | section 400.4A-209; |
"Beneficiary", | section 400.4A-103; |
"Beneficiary's bank", | section 400.4A-103; |
"Executed", | section 400.4A-301; |
"Execution date", | section 400.4A-301; |
"Funds transfer", | section 400.4A-104; |
"Funds-transfer system rule", | section 400.4A-501; |
"Intermediary bank", | section 400.4A-104; |
"Originator", | section 400.4A-104; |
"Originator's bank", | section 400.4A-104; |
"Payment by beneficiary's bank to beneficiary", | section 400.4A-405; |
"Payment by originator to beneficiary", | section 400.4A-406; |
"Payment by sender to receiving bank", | section 400.4A-403; |
"Payment date", | section 400.4A-401; |
"Payment order", | section 400.4A-103; |
"Receiving bank", | section 400.4A-103; |
"Security procedure", | section 400.4A-201; |
"Sender", | section 400.4A-103. |
(c) The following definitions in Article 4 apply to this Article; "Clearinghouse", | section 400.4-104; |
"Item", | section 400.4-104; |
"Suspends payments", | section 400.4-104. |
(d) In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.L. 1992 S.B. 448, A.L. 1994 S.B. 701