355.4A-105 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 <br>by the customer to the bank. If a customer does not so designate an account, <br>any account of the customer is an authorized account if payment of a payment <br>order from that account is not inconsistent with a restriction on the use of that <br>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 <br>branch or separate office of a bank is a separate bank for purposes of this <br>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 <br>transmittal of payment orders and cancellations and amendments of payment <br>orders;
(e) "Funds-transfer system" means a wire transfer network, automated clearing
house, or other communication system of a clearing house or other association <br>of banks through which a payment order by a bank may be transmitted to the <br>bank to which the order is addressed; and
(f) (Reserved) <br>(g) "Prove" with respect to a fact means to meet the burden of establishing the
fact, as defined in KRS 355.1-201(2).
(2) Other definitions applying to this article and the sections of this article in which
they appear are: <br>(a) "Acceptance." KRS 355.4A-209; <br>(b) "Beneficiary." KRS 355.4A-103; <br>(c) "Beneficiary's bank." KRS 355.4A-103; <br>(d) "Executed." KRS 355.4A-301; <br>(e) "Execution date." KRS 355.4A-301; <br>(f) "Funds transfer." KRS 355.4A-104; <br>(g) "Funds-transfer system rule." KRS 355.4A-501; <br>(h) "Intermediary bank." KRS 355.4A-104; <br>(i) "Originator." KRS 355.4A-104; <br>(j) "Originator's bank." KRS 355.4A-104; <br>(k) "Payment by beneficiary's bank to beneficiary." KRS 355.4A-405; <br>(l) "Payment by originator to beneficiary." KRS 355.4A-406; <br>(m) "Payment by sender to receiving bank." KRS 355.4A-403;
(n) "Payment date." KRS 355.4A-401; <br>(o) "Payment order." KRS 355.4A-103; <br>(p) "Receiving bank." KRS 355.4A-103; <br>(q) "Security procedure." KRS 355.4A-201; and <br>(r) "Sender." KRS 355.4A-103.
(3) The following definitions in Article 4 of KRS Chapter 355 apply to this article:
(a) "Clearing house." KRS 355.4-104; <br>(b) "Item." KRS 355.4-104; and <br>(c) "Suspends payments." KRS 355.4-104.
(4) In addition, Article 1 of KRS Chapter 355 contains general definitions and
principles of construction and interpretation applicable throughout this article.
Effective: July 12, 2006 <br>History: Amended 2006 Ky. Acts ch. 242, sec. 52, effective July 12, 2006. -- Created
1992 Ky. Acts ch. 116, sec. 28, effective July 14, 1992.
Legislative Research Commission Note (7/12/2006). Under the authority of KRS
7.136(1), the Reviser of Statutes has added paragraph headings [(a), (b), etc.] before <br>terms referenced in subsections (2) and (3) of this statute that are defined in other <br>statutes. The words in the text were not changed.
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