400.4A-105. Other definitions. - Missouri Statutes

Other definitions.

400.4A-105. (a) In this Article:

(1) "Authorized account" means a deposit account of acustomer in a bank designated by the customer as a source ofpayment of payment orders issued by the customer to the bank. Ifa customer does not so designate an account, any account of thecustomer is an authorized account if payment of a payment orderfrom that account is not inconsistent with a restriction on theuse of that account.

(2) "Bank" means a person engaged in the business ofbanking and includes a savings bank, savings and loanassociation, credit union, and trust company. A branch orseparate office of a bank is a separate bank for purposes of thisArticle.

(3) "Customer" means a person, including a bank, having anaccount with a bank or from whom a bank has agreed to receivepayment orders.

(4) "Funds-transfer business day" of a receiving bank meansthe part of a day during which the receiving bank is open for thereceipt, processing, and transmittal of payment orders andcancellations and amendments of payment orders.

(5) "Funds-transfer system" means a wire transfer network,automated clearinghouse, or other communication system of aclearinghouse or other association of banks through which apayment order by a bank may be transmitted to the bank to whichthe order is addressed.

(6) "Good faith" means honesty in fact in the conduct ortransaction concerned.

(7) "Prove" with respect to a fact means to meet the burdenof establishing the fact (Section 400.1-201(8)).

(b) Other definitions applying to this Article and thesections in which they appear are:

"Acceptance", section 400.4A-209;

"Beneficiary", section 400.4A-103;

"Beneficiary's bank", section 400.4A-103;

"Executed", section 400.4A-301;

"Execution date", section 400.4A-301;

"Funds transfer", section 400.4A-104;

"Funds-transfer system rule", section 400.4A-501;

"Intermediary bank", section 400.4A-104;

"Originator", section 400.4A-104;

"Originator's bank", section 400.4A-104;

"Payment by beneficiary's bank to beneficiary", section400.4A-405;

"Payment by originator to beneficiary", section 400.4A-406;

"Payment by sender to receiving bank", section 400.4A-403;

"Payment date", section 400.4A-401;

"Payment order", section 400.4A-103;

"Receiving bank", section 400.4A-103;

"Security procedure", section 400.4A-201;

"Sender", section 400.4A-103.

(c) The following definitions in Article 4 apply to thisArticle;

"Clearinghouse", section 400.4-104;

"Item", section 400.4-104;

"Suspends payments", section 400.4-104.

(d) In addition Article 1 contains general definitions andprinciples of construction and interpretation applicablethroughout this Article.

(L. 1992 S.B. 448, A.L. 1994 S.B. 701)