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This entry was published on 2018-08-31
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Other Definitions
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 4-A, PART 1
Section 4-A-105. Other Definitions.

(1) In this Article:

(a) "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.

(b) "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.

(c) "Customer" means a person, including a bank, having an

account with a bank or from whom a bank has agreed to receive

payment orders.

(d) "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.

(e) "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.

(f) "Good faith" means honesty in fact and the observance of

reasonable commercial standards of fair dealing.

(g) "Prove" with respect to a fact means to meet the burden of

establishing the fact (subsection (b)(8) of section 1--201).

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

"Acceptance" Section 4-A-209

"Beneficiary" Section 4-A-103

"Beneficiary's bank" Section 4-A-103

"Executed" Section 4-A-301

"Execution date" Section 4-A-301

"Funds transfer" Section 4-A-104

"Funds-transfer system rule" Section 4-A-501

"Intermediary bank" Section 4-A-104

"Originator" Section 4-A-104

"Originator's bank" Section 4-A-104

"Payment by beneficiary's

bank to beneficiary" Section 4-A-405

"Payment by originator

to beneficiary" Section 4-A-406

"Payment by sender to

receiving bank" Section 4-A-403

"Payment date" Section 4-A-401

"Payment order" Section 4-A-103

"Receiving bank" Section 4-A-103

"Security procedure" Section 4-A-201

"Sender" Section 4-A-103

(3) The following definitions in Article 4 apply to this Article:

"Clearing house" Section 4-104

"Item" Section 4-104

"Suspends payments" Section 4-104

(4) In addition Article 1 contains general definitions and principles
of construction and interpretation applicable throughout this Article.