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) [Reserved]
(7) “Prove” with respect to a fact means to meet the burden of establishing the fact (Section 75-1-201(b)(8)). “Acceptance” Section 75-4A-209 “Beneficiary” Section 75-4A-103 “Beneficiary’s bank” Section 75-4A-103 “Executed” Section 75-4A-301 “Execution date” Section 75-4A-301 “Funds transfer” Section 75-4A-104 “Funds-transfer system rule” Section 75-4A-501 “Intermediary bank” Section 75-4A-104 “Originator” Section 75-4A-104 “Originator’s bank” Section 75-4A-104 “Payment by beneficiary’s bank to beneficiary” Section 75-4A-405 “Payment by originator to beneficiary” Section 75-4A-406 “Payment by sender to receiving bank” Section 75-4A-403 “Payment date” Section 75-4A-401 “Payment order” Section 75-4A-103 “Receiving bank” Section 75-4A-103 “Security procedure” Section 75-4A-201 “Sender” Section 75-4A-103 “Clearinghouse” Section 75-4-104 “Item” Section 75-4-104 “Suspends payments” Section 75-4-104
Other definitions applying to this chapter and the sections in which they appear are:
The following definitions in Title 75, Chapter 4, apply to this chapter:
In addition Title 75, Chapter 1, contains general definitions and principles of construction and interpretation applicable throughout this chapter.