- (a) In this title:
- (1) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment orders issued by the customer to the bank. If a customer does 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 title.
- (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 and the observance of reasonable commercial standards of fair dealing.
- (7) "Prove" with respect to a fact means to meet the burden of establishing the fact as provided in § 8.1A-201(b)(8).
(b) Other definitions applying to this title and the sections in which they appear are:
"Acceptance"§ 8.4A-209.
"Beneficiary"§ 8.4A-103.
"Beneficiary's bank"§ 8.4A-103.
"Executed"§ 8.4A-301.
"Execution date"§ 8.4A-301.
"Funds transfer"§ 8.4A-104.
"Funds-transfer system rule"§ 8.4A-501.
"Intermediary bank"§ 8.4A-104.
"Originator"§ 8.4A-104.
"Originator's bank"§ 8.4A-104.
"Payment by beneficiary's bank to beneficiary"§ 8.4A-405.
"Payment by originator to beneficiary"§ 8.4A-406.
"Payment by sender to receiving bank"§ 8.4A-403.
"Payment date"§ 8.4A-401.
"Payment order"§ 8.4A-103.
"Receiving bank"§ 8.4A-103.
"Security procedure"§ 8.4A-201.
"Sender"§ 8.4A-103.
(c) The following definitions in Title 8.4 apply to this title:
"Clearinghouse"§ 8.4-104.
"Item"§ 8.4-104.
"Suspends payments"§ 8.4-104.
- (d) In addition, Title 8.1A contains general definitions and principles of construction and interpretation applicable throughout this title.
1990, c. 9; 2003, c. 353.