2006 New Mexico Statutes - 55-4A-105 — Other definitions.

55-4A-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 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; 

(6)     [Reserved]; and 

(7)     "prove" with respect to a fact means to meet the burden of establishing the fact (Paragraph (8) of Subsection (b) of Section 55-1-201 NMSA 1978). 

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

       "acceptance" Section 55-4A-209 NMSA 1978;        "beneficiary"  Section 55-4A-103 NMSA 1978;        "beneficiary's bank" Section 55-4A-103 NMSA 1978;        "executed" Section 55-4A-301 NMSA 1978;        "execution date" Section 55-4A-301 NMSA 1978;        "funds transfer" Section 55-4A-104 NMSA 1978;        "funds-transfer system rule" Section 55-4A-501 NMSA 1978;        "intermediary bank" Section 55-4A-104 NMSA 1978;        "originator"  Section 55-4A-104 NMSA 1978;        "originator's bank" Section 55-4A-104 NMSA 1978;        "payment by beneficiary's bank to         beneficiary" Section 55-4A-405 NMSA 1978;       "payment by originator to beneficiary"  Section 55-4A-406 NMSA 1978;        "payment by sender to  receiving bank" Section 55-4A-403 NMSA 1978;        "payment date" Section 55-4A-401 NMSA 1978;        "payment order" Section 55-4A-103 NMSA 1978;        "receiving bank" Section 55-4A-103 NMSA 1978;        "security procedure" Section 55-4A-201 NMSA 1978; and        "sender" Section 55-4A-103 NMSA 1978.      

(c)     The following definitions in Chapter 55, Article 4 NMSA 1978 apply to this article: 

       "clearinghouse"  Section 55-4-104 NMSA 1978;        "item" Section 55-4-104 NMSA 1978; and        "Suspends payments" Section 55-4-104 NMSA 1978.    

(d)     In addition, Chapter 55, Article 1 NMSA 1978 contains general definitions and principles of construction and interpretation applicable throughout this article.