§ 70A-4a-105. Other definitions.

(1) In this chapter:

(a) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source 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.

(b) "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.

(c) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.

(d) "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.

(e) "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.

(f) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.

(g) "Prove" with respect to a fact means to meet the burden of establishing the fact under Subsection 70A-1a-201(2)(h).

(2) Other definitions applying to this chapter and the sections in which they appear are:

(a) "Acceptance," Section 70A-4a-209.

(b) "Beneficiary," Section 70A-4a-103.

(c) "Beneficiary's bank," Section 70A-4a-103.

(d) "Executed," Section 70A-4a-301.

(e) "Execution date," Section 70A-4a-301.

(f) "Funds transfer system rule," Section 70A-4a-501.

(g) "Funds transfer," Section 70A-4a-104.

(h) "Intermediary bank," Section 70A-4a-104.

(i) "Originator," Section 70A-4a-104.

(j) "Originator's bank," Section 70A-4a-104.

(k) "Payment by beneficiary's bank to beneficiary," Section 70A-4a-405.

(l) "Payment by originator to beneficiary," Section 70A-4a-406.

(m) "Payment by sender, to receiving bank," Section 70A-4a-403.

(n) "Payment date," Section 70A-4a-401.

(o) "Payment order," Section 70A-4a-103.

(p) "Receiving bank," Section 70A-4a-103.

(q) "Security procedure," Section 70A-4a-201.

(r) "Sender," Section 70A-4a-103.

(3) The following definitions in Chapter 4, Uniform Commercial Code - Bank Deposits and Collections, apply to this chapter:

(a) "Clearinghouse," Section 70A-4-104.

(b) "Item," Section 70A-4-104.

(c) "Suspends payments," Section 70A-4-104.

(4) In addition, Chapter 1a, Uniform Commercial Code - General Provisions, contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Amended by Chapter 272, 2007 General Session