2024 Colorado Revised Statutes
Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306)
Article 4.5 - Funds Transfers (§§ 4-4.5-101 — 4-4.5-507)
Part 1 - SUBJECT MATTER AND DEFINITIONS (§§ 4-4.5-101 — 4-4.5-108)
Section 4-4.5-105 - Other 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) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.
  • (7) "Prove" with respect to a fact means to meet the burden of establishing the fact (section 4-1-201 (b)(8)).

• (b) Other definitions applying to this article and the sections in which they appear are:

  "Acceptance".Section 4-4.5-209

  "Beneficiary".Section 4-4.5-103

  "Beneficiary's bank".Section 4-4.5-103

  "Executed".Section 4-4.5-301

  "Execution date".Section 4-4.5-301

  "Funds transfer".Section 4-4.5-104

  "Funds-transfer system rule".Section 4-4.5-501

  "Intermediary bank".Section 4-4.5-104

  "Originator".Section 4-4.5-104

  "Originator's bank".Section 4-4.5-104

  "Payment by beneficiary's bank to beneficiary".Section 4-4.5-405

  "Payment by originator to beneficiary".Section 4-4.5-406

  "Payment by sender to receiving bank".Section 4-4.5-403

  "Payment date".Section 4-4.5-401

  "Payment order".Section 4-4.5-103

  "Receiving bank".Section 4-4.5-103

  "Security procedure".Section 4-4.5-201

  "Sender".Section 4-4.5-103

• (c) The following definitions in article 4 of this title apply to this article:

  "Clearing house".Section 4-4-104

  "Item".Section 4-4-104

  "Suspends payments".Section 4-4-104

• (d) In addition, article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.

Amended by 2013 Ch. 282, §18, eff. 7/1/2013.

L. 90: Entire article added, p. 343, § 1, effective 1/1/1991. L. 2006: (a)(7) amended, p. 497, § 28, effective September 1. L. 2013: (a)(2) amended, (SB 13-154), ch. 282, p. 1468, § 18, effective July 1.