§46-4A–105. Other definitions.
383 words·~2 min read·
/wv/chapter-46-uniform-commercial-code/article-4a-funds-transfers/46-4a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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)"Banker" 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.
(6)[reserved]
(7)"Prove" with respect to a fact means to meet the burden of establishing the fact (section 1–201(b)(8)).
(b)Other definitions applying to this article and the sections in which they appear are:
(1)"Acceptance", §46-4A-209.
(2)"Beneficiary", §46-4A-103.
(3)"Beneficiary's bank", §46-4A-103.
(4)"Executed", §46-4A-301.
(5)"Execution date", §46-4A-301.
(6)"Funds transfer", §46-4A-104.
(7)"Funds-transfer system rule", §46-4A-501.
(8)"Intermediary bank", §46-4A-104.
(9)"Originator", §46-4A-104.
(10)"Originator's bank", §46-4A-104.
(11)"Payment by beneficiary's bank to beneficiary", §46-4A-405.
(12)"Payment by originator to beneficiary", §46-4A-406.
(13)"Payment by sender to receiving bank", §46-4A-403.
(14)"Payment date", §46-4A-401.
(15)"Payment order", §46-4A-103.
(16)"Receiving bank", §46-4A-103.
(17)"Security procedure", §46-4A-201.
(18)"Sender", §46-4A-103.
(c)The following definitions in article four of this chapter apply to this article:
(1)"Clearing house", §46-4-104.
(2)"Item", §46-4-104.
(3)"Suspends payments", §46-4-104.
(d)In addition, article one of this chapter contains general definitions and principles of construction and interpretation applicable throughout this article.