Sec. 45.14.105. Other definitions.

384 words·~2 min read·/ak/title-45/chapter-14/45-14-105·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)In this chapter,

(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 chapter;

(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(6)[Repealed, § 113 ch 44 SLA 2009.]

(7)“prove,” with respect to a fact, means to meet the burden of establishing the fact; “burden of establishing” has the meaning given in AS 45.01.211 .

(b)Other definitions applying to this chapter and the sections in which they appear are

(1)“acceptance” in AS 45.14.209 ;

(2)“executed” in AS 45.14.301 ;

(3)“execution date” in AS 45.14.301 ;

(4)“funds-transfer system rule” in AS 45.14.501 ;

(5)“payment by beneficiary's bank to beneficiary” in AS 45.14.405 ;

(6)“payment by originator to beneficiary” in AS 45.14.406 ;

(7)“payment by sender to receiving bank” in AS 45.14.403 ;

(8)“payment date” in AS 45.14.401 ;

(9)“security procedure” in AS 45.14.201 .

(c)The following definitions in AS 45.04.104 apply to this chapter:

(1)“clearinghouse”;

(2)“item”;

(3)“suspends payments”.

(d)In addition, AS 45.01 contains general definitions and principles of construction and interpretation applicable throughout this chapter.