(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) “Prove” with respect to a fact means to meet the burden of establishing the fact.
(b) Other definitions applying to this article and the section in which they appear are:
“Acceptance”. Section 42a-4A-209.
“Beneficiary”. Section 42a-4A-103.
“Beneficiary's bank”. Section 42a-4A-103.
“Executed”. Section 42a-4A-301.
“Execution date”. Section 42a-4A-301.
“Funds transfer”. Section 42a-4A-104.
“Funds-transfer system rule”. Section 42a-4A-501.
“Intermediary bank”. Section 42a-4A-104.
“Originator”. Section 42a-4A-104.
“Originator's bank”. Section 42a-4A-104.
“Payment by beneficiary's bank to beneficiary”. Section 42a-4A-405.
“Payment by originator to beneficiary”. Section 42a-4A-406.
“Payment by sender to receiving bank”. Section 42a-4A-403.
“Payment date”. Section 42a-4A-401.
“Payment order”. Section 42a-4A-103.
“Receiving bank”. Section 42a-4A-103.
“Security procedure”. Section 42a-4A-201.
“Sender”. Section 42a-4A-103.
(c) The following definitions in article 4 apply to this article:
“Clearing house”. Section 42a-4-104.
“Item”. Section 42a-4-104.
“Suspends payments”. Section 42a-4-104.
(d) In addition, article 1 contains general interpretation applicable throughout this article.
(P.A. 90-202, S. 1(4A-105), 3; P.A. 05-109, S. 31.)
History: P.A. 05-109 amended Subsec. (a) by deleting definition of “good faith” and making technical changes to conform to revisions made to article 1 by the same act.