8.4A-105 - A-105. Other definitions.

VIRGINIA STATUTES AND CODES

8.4A-105 - A-105. Other definitions.

§ 8.4A-105. Other definitions.

(a) In this title:

(1) "Authorized account" means a deposit account of a customer in a bankdesignated by the customer as a source of payment orders issued by thecustomer to the bank. If a customer does so designate an account, any accountof the customer is an authorized account if payment of a payment order fromthat account is not inconsistent with a restriction on the use of thataccount.

(2) "Bank" means a person engaged in the business of banking and includes asavings 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 thistitle.

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

(4) "Funds-transfer business day" of a receiving bank means the part of aday during which the receiving bank is open for the receipt, processing, andtransmittal of payment orders and cancellations and amendments of paymentorders.

(5) "Funds-transfer system" means a wire transfer network, automatedclearinghouse, or other communication system of a clearinghouse or otherassociation of banks through which a payment order by a bank may betransmitted to the bank to which the order is addressed.

(6) "Good faith" means honesty in fact and the observance of reasonablecommercial standards of fair dealing.

(7) "Prove" with respect to a fact means to meet the burden of establishingthe fact as provided in § 8.1A-201(b)(8).

(b) Other definitions applying to this title and the sections in which theyappear are:

"Acceptance" § 8.4A-209.

"Beneficiary" § 8.4A-103.

"Beneficiary's bank" § 8.4A-103.

"Executed" § 8.4A-301.

"Execution date" § 8.4A-301.

"Funds transfer" § 8.4A-104.

"Funds-transfer system rule" § 8.4A-501.

"Intermediary bank" § 8.4A-104.

"Originator" § 8.4A-104.