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Statutes Text

Article - Commercial Law




§4A–105.

    (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 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 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 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 (§ 1–208(b)(8)).

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

    “Acceptance”                  § 4A–209
    “Beneficiary”                  § 4A–103
    “Beneficiary’s bank”              § 4A–103
    “Executed”                       § 4A–301
    “Execution date”                  § 4A–301
    “Funds transfer”                  § 4A–104
    “Funds–transfer system rule”         § 4A–501
    “Intermediary bank”              § 4A–104
    “Originator”                       § 4A–104
    “Originator’s bank”              § 4A–104
    “Payment by beneficiary’s bank to     § 4A–405
    beneficiary”
    “Payment by originator to beneficiary”    § 4A–406
    “Payment by sender to receiving bank”    § 4A–403
    “Payment date”                  § 4A–401
    “Payment order”                  § 4A–103
    “Receiving bank”                  § 4A–103
    “Security procedure”              § 4A–201
    “Sender”                       § 4A–103

    (c)    The following definitions in Title 4 of this article apply to this title:

    “Clearing house”                 § 4–104
    “Item”                       § 4–104
    “Suspends payments”              § 4–104

    (d)    In addition, Title 1 of this article contains general definitions and principles of construction and interpretation applicable throughout this title.



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