N.D. Cent. Code § 41-04.1-05: (4A-105) Other definitions

1.In this chapter:

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 chapter.

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 clearinghouse, or other communication system of a clearinghouse 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.

f.(Reserved).

g."Prove" with respect to a fact means to meet the burden of establishing the fact. Subdivision h of subsection 2 of section 41-01-09.

2.Other definitions applying to this chapter and the sections in which they appear are:

a."Acceptance". Section 41-04.1-17.

b."Beneficiary". Section 41-04.1-03.

c."Beneficiary's bank". Section 41-04.1-03.

d."Executed". Section 41-04.1-21.

e."Execution date". Section 41-04.1-21.

f."Funds transfer". Section 41-04.1-04.

g."Funds-transfer system rule". Section 41-04.1-32.

h."Intermediary bank". Section 41-04.1-04.

i."Originator". Section 41-04.1-04.

j."Originator's bank". Section 41-04.1-04.

k."Payment by beneficiary's bank to beneficiary". Section 41-04.1-30.

l."Payment by originator to beneficiary". Section 41-04.1-31.

m."Payment by sender to receiving bank". Section 41-04.1-28.

n."Payment date". Section 41-04.1-26.

o."Payment order". Section 41-04.1-03.

p."Receiving bank". Section 41-04.1-03.

q."Security procedure". Section 41-04.1-26.

r."Sender". Section 41-04.1-03.

3.The following definitions in chapter 41-04 apply to this chapter:

a."Clearinghouse". Section 41-04-04.

b."Item". Section 41-04-04.

c."Suspends payments". Section 41-04-04.

4.In addition, chapter 41-01 contains general definitions and principles of construction and interpretation applicable throughout this chapter.