400.4-104. Definitions and index of definitions. - Missouri Statutes

Definitions and index of definitions.

400.4-104. (a) In this article unless the context otherwise requires:

(1) "Account" means any deposit or credit account with a bank, includinga demand, time, savings, passbook, share draft, or like account, other than anaccount evidenced by a certificate of deposit;

(2) "Afternoon" means the period of a day between noon and midnight;

(3) "Banking day" means the part of a day on which a bank is open to thepublic for carrying on substantially all of its banking functions, but shallnot include Saturday, Sunday or a legal holiday;

(4) "Clearing house" means an association of banks or other payorsregularly clearing items;

(5) "Customer" means a person having an account with a bank or for whoma bank has agreed to collect items, including a bank that maintains an accountat another bank;

(6) "Documentary draft" means a draft to be presented for acceptance orpayment if specified documents, certificated securities (Section 400.8-102) orinstructions for uncertificated securities (Section 400.8-102), or othercertificates, statements, or the like are to be received by the drawee orother payor before acceptance or payment of the draft;

(7) "Draft" means a draft as defined in Section 400.3-104 or an item,other than an instrument, that is an order;

(8) "Drawee" means a person ordered in a draft to make payment;

(9) "Item" means an instrument or a promise or order to pay moneyhandled by a bank for collection or payment. The term does not include apayment order governed by Article 4A or a credit or debit card slip;

(10) "Midnight deadline" with respect to a bank is midnight on its nextbanking day following the banking day on which it receives the relevant itemor notice or from which the time for taking action commences to run, whicheveris later;

(11) "Settle" means to pay in cash, by clearing-house settlement, in acharge or credit or by remittance, or otherwise as agreed. A settlement maybe either provisional or final;

(12) "Suspends payments" with respect to a bank means that it has beenclosed by order of the supervisory authorities, that a public officer has beenappointed to take it over or that it ceases or refuses to make payments in theordinary course of business.

(b) Other definitions applying to this article and the sections in whichthey appear are:

"Agreement for electronic presentment". Section 400.4-110.

"Bank". Section 400.4-105.

"Collecting bank". Section 400.4-105.

"Depositary bank". Section 400.4-105.

"Intermediary bank". Section 400.4-105.

"Payor bank". Section 400.4-105.

"Presenting bank". Section 400.4-105.

"Presentment notice". Section 400.4-110.

(c) The following definitions in other articles apply to this article:

"Acceptance". Section 400.3-409.

"Alteration". Section 400.3-407.

"Cashier's check". Section 400.3-104.

"Certificate of deposit". Section 400.3-104.

"Certified check". Section 400.3-409.

"Check". Section 400.3-104.

"Draft". Section 400.3-104.

"Good faith". Section 400.3-103.

"Holder in due course". Section 400.3-302.

"Instrument". Section 400.3-104.

"Notice of dishonor". Section 400.3-503.

"Order". Section 400.3-103.

"Ordinary care". Section 400.3-103.

"Person entitled to enforce". Section 400.3-301.

"Presentment". Section 400.3-501.

"Promise". Section 400.3-103.

"Prove". Section 400.3-103.

"Teller's check". Section 400.3-104.

"Unauthorized signature". Section 400.3-403.

(d) In addition Article 1 contains general definitions and principles ofconstruction and interpretation applicable throughout this article.

(L. 1963 p. 503 § 4-104, A.L. 1979 S.B. 304, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6)