Section 55-4A-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 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;(7) "prove" with respect to a fact means to meet the burden of establishing the fact (Paragraph (8) of Subsection (b) of Section 55-1-201 NMSA 1978).(b) Other definitions applying to this article and the sections in which they appear are: "acceptance" | Section 55-4A-209 NMSA 1978; |
"beneficiary" | Section 55-4A-103 NMSA 1978; |
"beneficiary's bank" | Section 55-4A-103 NMSA 1978; |
"executed" | Section 55-4A-301 NMSA 1978; |
"execution date" | Section 55-4A-301 NMSA 1978; |
"funds transfer" | Section 55-4A-104 NMSA 1978; |
"funds-transfer system rule" | Section 55-4A-501 NMSA 1978; |
"intermediary bank" | Section 55-4A-104 NMSA 1978; |
"originator" | Section 55-4A-104 NMSA 1978; |
"originator's bank" | Section 55-4A-104 NMSA 1978; |
"payment by beneficiary's bank to beneficiary" | Section 55-4A-405 NMSA 1978; |
"payment by originator to beneficiary" | Section 55-4A-406 NMSA 1978; |
"payment by sender to receiving bank" | Section 55-4A-403 NMSA 1978; |
"payment date" | Section 55-4A-401 NMSA 1978; |
"payment order" | Section 55-4A-103 NMSA 1978; |
"receiving bank" | Section 55-4A-103 NMSA 1978; |
"security procedure" | Section 55-4A-201 NMSA 1978; and |
"sender" | Section 55-4A-103 NMSA 1978. |
(c) The following definitions in Chapter 55, Article 4 NMSA 1978 apply to this article: "clearing house" | Section 55-4-104 NMSA 1978; |
"item" | Section 55-4-104 NMSA 1978; and |
"suspends payments" | Section 55-4-104 NMSA 1978. |
(d) In addition, Chapter 55, Article 1 NMSA 1978 contains general definitions and principles of construction and interpretation applicable throughout this article.1978 Comp., § 55-4A-105, enacted by Laws 1992, ch. 114, § 201; 2005, ch. 144, § 48; 2009, ch. 234, § 17.