Other Definitions

  1. Law
  2. Georgia Code
  3. Commercial Code
  4. Funds Transfers
  5. Subject Matter and Definitions
  6. Other Definitions

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  1. 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. Reserved.
    7. "Prove" with respect to a fact means to meet the burden of establishing the fact (Code Section 11-1-201(b)(8)).
  2. Other definitions applying to this article and the Code sections in which they appear are:

    "Acceptance." Code Section 11-4A-209.

    "Beneficiary." Code Section 11-4A-103.

    "Beneficiary's bank." Code Section 11-4A-103.

    "Executed." Code Section 11-4A-301.

    "Execution date." Code Section 11-4A-301.

    "Funds transfer." Code Section 11-4A-104.

    "Funds-transfer system rule." Code Section 11-4A-501.

    "Intermediary bank." Code Section 11-4A-104.

    "Originator." Code Section 11-4A-104.

    "Originator's bank." Code Section 11-4A-104.

    "Payment by beneficiary's bank to beneficiary." Code Section 11-4A-405.

    "Payment by originator to beneficiary." Code Section 11-4A-406.

    "Payment by sender to receiving bank." Code Section 11-4A-403.

    "Payment date." Code Section 11-4A-401.

    "Payment order." Code Section 11-4A-103.

    "Receiving bank." Code Section 11-4A-103.

    "Security procedure." Code Section 11-4A-201.

    "Sender." Code Section 11-4A-103.

  3. The following definitions in Article 4 of this title apply to this article:

    "Clearing house." Code Section 11-4-104.

    "Item." Code Section 11-4-104.

    "Suspends payments." Code Section 11-4-104.

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

(Code 1981, §11-4A-105, enacted by Ga. L. 1992, p. 2685, § 4; Ga. L. 2015, p. 996, § 3B-13/SB 65.)

The 2015 amendment, effective January 1, 2016, substituted "Reserved" for " 'Good faith' means honesty in fact and the observance of reasonable commercial standards of fair dealing" in paragraph (a)(6); and substituted "Section 11-1-201(b)(8)" for "Section 11-1-201(8)" in paragraph (a)(7).

Editor's notes.

- Ga. L. 2015, p. 996, § 1-1/SB 65, not codified by the General Assembly, provides: "(a) This Act shall be known and may be cited as the 'Debtor-Creditor Uniform Law Modernization Act of 2015.'

"(b) To promote consistency among the states, it is the intent of the General Assembly to modernize certain existing uniform laws promulgated by the Uniform Law Commission affecting debtor and creditor rights, responsibilities, and relationships and other federally recognized laws affecting such rights, responsibilities, and relationships."

RESEARCH REFERENCES

U.L.A.

- Uniform Commercial Code (U.L.A.) § 4A-105.


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