§ 25-4-104. Definitions and index of definitions. - North Carolina Statutes

§ 25‑4‑104. Definitions and index of definitions.

(a)        In this Article,unless the context otherwise requires:

(1)        "Account"means any deposit or credit account with a bank, including a demand, time,savings, passbook, share draft, or like account, other than an accountevidenced by a certificate of deposit.

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

(3)        "Bankingday" means the part of a day on which a bank is open to the public forcarrying on substantially all of its banking functions.

(4)        "Clearinghouse" means an association of banks or other payors regularly clearingitems.

(5)        "Customer"means a person having an account with a bank or for whom a bank has agreed tocollect items, including a bank that maintains an account at another bank.

(6)        "Documentarydraft" means a draft to be presented for acceptance or payment ifspecified documents, certificated securities (G.S. 25‑8‑102) orinstructions for uncertificated securities (G.S. 25‑8‑102), orother certificates, 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 G.S. 25‑3‑104 or an item, other than aninstrument, 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 money handled by a bank forcollection or payment. The term does not include a payment order governed byArticle 4A or a credit or debit card slip.

(10)      "Midnightdeadline" with respect to a bank is midnight on its next banking dayfollowing the banking day on which it receives the relevant item or notice orfrom which the time for taking action commences to run, whichever is later.

(11)      "Settle"means to pay in cash, by clearing‑house settlement, in a charge orcredit, by remittance, or otherwise as agreed. A settlement may be eitherprovisional or final.

(12)      "Suspendspayments" with respect to a bank means that it has been closed by order ofthe supervisory authorities, that a public officer has been appointed to takeit over, or that it ceases or refuses to make payments in the ordinary courseof business.

(b)        Other definitionsapplying to this Article and the sections in which they appear are:

"Agreement for electronicpresentment" G.S. 25‑4‑110.

"Bank" G.S. 25‑4‑105.

"Collecting bank"G.S. 25‑4‑105.

"Depositary bank"G.S. 25‑4‑105.

"Intermediary bank"G.S. 25‑4‑105.

"Payor bank" G.S. 25‑4‑105.

"Presenting bank"G.S. 25‑4‑105.

"Presentment notice"G.S. 25‑4‑110.

(c)        "Control"as provided in G.S. 25‑7‑106 and the following definitions in otherArticles apply to this Article:

"Acceptance" G.S. 25‑3‑409.

"Alteration" G.S. 25‑3‑407.

"Cashier's check"G.S. 25‑3‑104.

"Certificate ofdeposit" G.S. 25‑3‑104.

"Certified check"G.S. 25‑3‑409.

"Check" G.S. 25‑3‑104.

"Draft" G.S. 25‑3‑104.

"Holder in duecourse" G.S. 25‑3‑302.

"Instrument" G.S. 25‑3‑104.

"Notice of dishonor"G.S. 25‑3‑503.

"Order" G.S. 25‑3‑103.

"Ordinary care" G.S.25‑3‑103.

"Person entitled toenforce" G.S. 25‑3‑301.

"Presentment" G.S.25‑3‑501.

"Promise" G.S. 25‑3‑103.

"Prove" G.S. 25‑3‑103.

"Teller's check"G.S. 25‑3‑104.

"Unauthorizedsignature" G.S. 25‑3‑403.

(d)        In addition Article1 contains general definitions and principles of construction andinterpretation applicable throughout this Article. (1965, c. 700, s. 1; 1995, c.232, s. 2; 1997‑181, s. 19; 2006‑112, ss. 14, 41.)