N.Y. Comp. Codes R. & Regs. Tit. 3 § 34.3 - Definitions
For purposes of the provisions of this Part, the following definitions apply:
(a) Account means a
savings account or a time deposit account which has been opened by any person
or entity with a bank or savings institution.
(b) Bank means a commercial bank , trust
company or branch of a foreign banking corporation.
(c) Business day means any day excluding
Saturdays, Sundays and legal holidays. For purposes of calculating the number
of business days by which the depositary bank is obliged to make funds
available for withdrawal by the customer, the term business day will exclude
the day of deposit and the first business day after the day of deposit if the
deposit is made on a Saturday, Sunday, legal holiday or after the close of
business as determined by the office of the depositary bank . For electronic
branches, opening and closing times shall be the hours of the closest manned
office of the depositary bank .
(d)
Depositary bank , depending on the context, means either the bank or the savings
institution which maintains the account into which the item is first
deposited.
(e) Item means a check,
negotiable order of withdrawal or money order deposited into an
account .
(f) Local bank or savings
institution means an office of a bank or savings institution which is located
in the same city, town or village, and which uses the same clearing facility,
as the office of the depositary bank .
(g) Savings institution means a savings bank ,
a savings and loan association or a credit union.
Notes
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