2014 Delaware Code
Title 6 - Commerce and Trade
ARTICLE 4A. FUNDS TRANSFERS
PART 1
§ 4A-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) [Reserved.]

(7) "Prove" with respect to a fact means to meet the burden of establishing the fact (Section 1-201(b)(8)).

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

"Acceptance" Section 4A-209

"Beneficiary" Section 4A-103

"Beneficiary's bank" Section 4A-103

"Executed" Section 4A-301

"Execution date" Section 4A-301

"Funds transfer" Section 4A-104

"Funds-transfer system rule" Section 4A-501

"Intermediary bank" Section 4A-104

"Originator" Section 4A-104

"Originator's bank" Section 4A-104

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

"Payment by originator to beneficiary" Section 4A-406

"Payment by sender to receiving bank" Section 4A-403

"Payment date" Section 4A-401

"Payment order" Section 4A-103

"Receiving bank" Section 4A-103

"Security procedure" Section 4A-201

"Sender" Section 4A-103

(c) The following definitions in Article 4 apply to this Article:

"Clearing house'' Section 4-104

"Item'' Section 4-104

"Suspends payments'' Section 4-104

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

68 Del. Laws, c. 430, § 1; 74 Del. Laws, c. 332, §§ 34, 35.;

§ 4A-106 Time payment order is received.

(a) The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in Section 1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and communications cancelling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication cancelling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cut-off time on a funds-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds-transfer business day.

(b) If this Article refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds-transfer business day, the next day that is a funds-transfer business day is treated as the date or day stated, unless the contrary is stated in this Article.

68 Del. Laws, c. 430, § 1; 74 Del. Laws, c. 332, § 36.;

§ 4A-107 Federal Reserve regulations and operating circulars.

Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency.

68 Del. Laws, c. 430, § 1.;

§ 4A-108 Exclusion of consumer transactions governed by federal law.

This Article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act (Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. § 1693 et seq.) as amended from time to time.

68 Del. Laws, c. 430, § 1.;