(a) In this chapter:
(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 chapter.
(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 (Section 36-1-201(b)(8)).
(b) Other definitions applying to this chapter and the sections in which they appear are:
"Acceptance" Section 36-4A-209 "Beneficiary" Section 36-4A-103 "Beneficiary's bank" Section 36-4A-103 "Executed" Section 36-4A-301 "Execution date" Section 36-4A-301 "Funds transfer" Section 36-4A-104 "Funds-transfer system rule" Section 36-4A-501 "Intermediary bank" Section 36-4A-104 "Originator" Section 36-4A-104 "Originator's bank" Section 36-4A-104 "Payment by beneficiary's bank to beneficiary" Section 36-4A-405 "Payment by originator to beneficiary" Section 36-4A-406 "Payment by sender to receiving bank" Section 36-4A-403 "Payment date" Section 36-4A-401 "Payment order" Section 36-4A-103 "Receiving bank" Section 36-4A-103 "Security procedure" Section 36-4A-201 "Sender" Section 36-4A-103
(c) The following definitions in Chapter 4 apply to this chapter:
"Clearing house" Section 36-4-104 "Item" Section 36-4-104 "Suspends payments" Section 36-4-104
(d) In addition, Chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.
HISTORY: 1996 Act No. 221, Section 1; 2014 Act No. 213 (S.343), Section 27, eff October 1, 2014.
Editor's Note
2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
Effect of Amendment
2014 Act No. 213, Section 27, reserved subsection (a)(6), which formerly defined "good faith"; and in subsection (a)(7), substituted "36-1-201(b)(8)" for "36-1-201(8)".