D.C. Code § 28:4A-105: Other definitions.
Where this section sits in the code
- Title 28. Commercial Instruments and Transactions. [Enacted title]
- Subtitle I. Uniform Commercial Code.
- Article 4A. Funds Transfers.
- Part 1. Subject Matter and Definitions.
(a)
In this article:
(1)
“Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment 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.
(2)
“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 article.
(3)
“Customer” means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.
(4)
“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.
(5)
“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.
(6)
Repealed.
(7)
“Prove” with respect to a fact means to meet the burden of establishing the fact under § 28:1-201(b)(8).
(b)
“Suspends payments”. § 28:4-104
Collected 2026-08-29T05:44:07Z. Source file · JSON