Section 55-4-104 - Definitions and index of definitions(a) In Chapter 55, Article 4 NMSA 1978, unless the context otherwise requires: (1) "account" means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit;(2) "afternoon" means the period of a day between noon and midnight;(3) "banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;(4) "clearinghouse" means an association of banks or other payors regularly clearing items;(5) "customer" means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;(6) "documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities pursuant to Section 55-8-102 NMSA 1978 or instructions for uncertificated securities pursuant to Section 55-8-102 NMSA 1978 or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the drafts;(7) "draft" means a draft as defined in Section 55-3-104 NMSA 1978 or an item, other than an instrument, that is an order;(8) "drawee" means a person ordered in a draft to make payment;(9) "item" means an instrument or a promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by Chapter 55, Article 4A NMSA 1978 or a credit or debit card slip;(10) "midnight deadline" with respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later;(11) "settle" means to pay in cash, by clearinghouse settlement, in a charge or credit or by remittance or otherwise as agreed. A settlement may be either provisional or final; and(12) "suspends payments" with respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over or that it ceases or refuses to make payments in the ordinary course of business.(b) Other definitions applying to Chapter 55, Article 4 NMSA 1978 and the sections in which they appear are: "agreement for electronic presentment" | Section 55-4-110 NMSA 1978; |
"banking" | Section 55-4-105 NMSA 1978; |
"collecting bank" | Section 55-4-105 NMSA 1978; |
"depositary bank" | Section 55-4-105 NMSA 1978; |
"intermediary bank" | Section 55-4-105 NMSA 1978; |
"payor bank" | Section 55-4-105 NMSA 1978; |
"presenting bank" | Section 55-4-105 NMSA 1978; and |
"presentment notice" | Section 55-4-110 NMSA 1978. |
(c) "Control", as provided in Section 55-7-106 NMSA 1978, and the following definitions in other articles apply to Chapter 55, Article 4 NMSA 1978: "acceptance" | Section 55-3-409 NMSA 1978; |
"alteration" | Section 55-3-407 NMSA 1978; |
"cashier's check" | Section 55-3-104 NMSA 1978; |
"certificate of deposit" | Section 55-3-104 NMSA 1978; |
"certified check" | Section 55-3-409 NMSA 1978; |
"check" | Section 55-3-104 NMSA 1978; |
"holder in due course" | Section 55-3-302 NMSA 1978; |
"instrument" | Section 55-3-104 NMSA 1978; |
"notice of dishonor" | Section 55-3-503 NMSA 1978; |
"order" | Section 55-3-103 NMSA 1978; |
"ordinary care" | Section 55-3-103 NMSA 1978; |
"person entitled to enforce" | Section 55-3-301 NMSA 1978; |
"presentment" | Section 55-3-501 NMSA 1978; |
"promise" | Section 55-3-103 NMSA 1978; |
"prove" | Section 55-3-103 NMSA 1978; |
"teller's check" | Section 55-3-104 NMSA 1978; and |
"unauthorized signature" | Section 55-3-403 NMSA 1978. |
(d) In addition, Chapter 55, Article 1 NMSA 1978 contains general definitions and principles of construction and interpretation applicable throughout this article.1953 Comp., § 50A-4-104, enacted by Laws 1961, ch. 96, § 4-104; 1977, ch. 340, § 2; 1987, ch. 102, § 2; 1992, ch. 114, § 159; 1996, ch. 47, § 3; 2005, ch. 144, § 46.; 2009, ch. 234, § 12.