Other Definitions

1. Law
2. Tennessee Code
3. Commercial Instruments and Transactions
4. Funds Transfers
5. General Provisions and Definitions
6. Other Definitions

1. 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 clearinghouse, or other communication system of a clearinghouse 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. “Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing; and
   7. “Prove” with respect to a fact means to meet the burden of establishing the fact (§ 47-1-201(b)(8)).
2. Other definitions applying to this chapter and the sections in which they appear are:

   “Acceptance”  §47-4A-209

   “Beneficiary”  §47-4A-103

   “Beneficiary's bank”  §47-4A-103

   “Executed”  §47-4A-301

   “Execution date”  §47-4A-301

   “Funds transfer”  §47-4A-104

   “Funds-transfer system rule”  §47-4A-501

   “Intermediary bank”  §47-4A-104

   “Originator”  §47-4A-104

   “Originator's bank”  §47-4A-104

   “Payment by beneficiary's bank to beneficiary”  §47-4A-405

   “Payment by originator to beneficiary”  §47-4A-406

   “Payment by sender to receiving bank”  §47-4A-403

   “Payment date”  §47-4A-401

   “Payment order”  §47-4A-103

   “Receiving bank”  §47-4A-103

   “Security procedure”  §47-4A-201

   “Sender”  §47-4A-103

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

   “Clearinghouse”  §47-4-104

   “Item”  §47-4-104

   “Suspends payments”  §47-4-104

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

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