11 M.R.S. §4-1105: Other definitions

(1).

In this Article:

(a).

"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;

(b).

"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;

(c).

"Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders;

(d).

"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;

(e).

"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; and

(f).

(g).

"Prove" with respect to a fact means to meet the burden of establishing the fact (section 1‑1201, subsection (8)).

(2).

Other definitions applying to this Article and the sections in which they appear are:

| "Acceptance" | | Section 4‑1209

| "Beneficiary" | | Section 4‑1103

| "Beneficiary's bank" | | Section 4‑1103

| "Executed" | | Section 4‑1301

| "Execution date" | | Section 4‑1301

| "Funds transfer" | | Section 4‑1104

| "Funds transfer system rule" | | Section 4‑1501

| "Intermediary bank" | | Section 4‑1104

| "Originator" | | Section 4‑1104

| "Originator's bank" | | Section 4‑1104

| "Payment by beneficiary's bank to beneficiary" | | Section 4‑1405

| "Payment by originator to beneficiary" | | Section 4‑1406

| "Payment by sender to receiving bank" | | Section 4‑1403

| "Payment date" | | Section 4‑1401

| "Payment order" | | Section 4‑1103

| "Receiving bank" | | Section 4‑1103

| "Security procedure" | | Section 4‑1201

| "Sender" | | Section 4‑1103

(3).

The following definitions in Article 4 apply to this Article:

| "Clearing house" | | Section 4‑104

| "Item" | | Section 4‑104

| "Suspends payments" | | Section 4‑104

(4).

In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.