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Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 28 Aug 1994 bottom

  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:

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"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.

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  (c)  The following definitions in Article 4 apply to this Article;

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"Clearinghouse", section 400.4-104;
"Item", section 400.4-104;
"Suspends payments", section 400.4-104.

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  (d)  In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.

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(L. 1992 S.B. 448, A.L. 1994 S.B. 701)


---- end of effective   28 Aug 1994 ----

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