Uniform Commercial Code
U.C.C. - ARTICLE 4A - FUNDS TRANSFERS
..PART 1. SUBJECT MATTER AND DEFINITIONS
§ 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 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) "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 (Section 1-201(8)).
- (b) Other definitions applying to this Article and the sections in which they appear are:
- "Acceptance" -- Section 4A-209
- "Beneficiary" -- Section 4A-103
- "Beneficiary's bank" -- Section 4A-103
- "Executed" -- Section 4A-301
- "Execution date" -- Section 4A-301
- "Funds transfer" -- Section 4A-104
- "Funds-transfer system rule" -- Section 4A-501
- "Intermediary bank" -- Section 4A-104
- "Originator" -- Section 4A-104
- "Originator's bank" -- Section 4A-104
- "Payment by beneficiary's
- "Payment by originator to
- "Payment by sender to
- "Payment date" -- Section 4A-401
- "Payment order" -- Section 4A-103
- "Receiving bank" -- Section 4A-103
- "Security procedure" -- Section 4A-201
- "Sender" -- Section 4A-103
- (c) The following definitions in Article 4 apply to this Article:
- "Clearing house" -- Section 4-104
- "Item" -- Section 4-104
- "Suspends payments" -- Section 4-104
- (d) In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
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