Section 34.1-4.A-105 - Other definitions(a) In this article:(i) "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;(ii) "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;(iii) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders;(iv) "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;(v) "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;(vii) "Prove" with respect to a fact means to meet the burden of establishing the fact (section 34.1-1-201(b)(viii)).(b) Other definitions applying to this article and the sections in which they appear are: "Acceptance" | Section 34.1-4.A-209 |
"Beneficiary" | Section 34.1-4.A-103 |
"Beneficiary's bank" | Section 34.1-4.A-103 |
"Executed" | Section 34.1-4.A-301 |
"Execution date" | Section 34.1-4.A-301 |
"Funds transfer" | Section 34.1-4.A-104 |
"Funds-transfer system rule" | Section 34.1-4.A-501 |
"Intermediary bank" | Section 34.1-4.A-104 |
"Originator" | Section 34.1-4.A-104 |
"Originator's bank" | Section 34.1-4.A-104 |
"Payment by beneficiary's bank to beneficiary" | Section 34.1-4.A-405 |
"Payment by originator to beneficiary" | Section 34.1-4.A-406 |
"Payment by sender to receiving bank" | Section 34.1-4.A-403 |
"Payment date" | Section 34.1-4.A-401 |
"Payment order" | Section 34.1-4.A-103 |
"Receiving bank" | Section 34.1-4.A-103 |
"Security procedure" | Section 34.1-4.A-201 |
"Sender" | Section 34.1-4.A-103 |
(c) The following definitions in article 4 apply to this article: "Clearing house" | Section 34.1-4-104 |
"Item" | Section 34.1-4-104 |
"Suspends payments" | Section 34.1-4-104 |
(d) In addition article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.Amended by Laws 2015 , ch. 124, § 2, eff. 7/1/2015.