§ 355-4a-105

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 by the customer to the bank. If a customer does not so designate an account, any account of the customer is an a uthorized 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, cre dit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this 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 transmittal of payment orders and cancellations and amendments of payment orders; (e) 'Funds -transfer syste m' means a wire transfer network, automated clearing house, or other communication system of a clearing house or

orders and cancellations and amendments of payment orders; (e) 'Funds -transfer syste m' 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; and (f) (Reserved) (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: (a) 'Acceptance.' KRS 355 .4A-209; (b) 'Beneficiary.' KRS 355.4A -103; (c) 'Beneficiary's bank.' KRS 355.4A -103; (d) 'Executed.' KRS 355.4A -301; (e) 'Execution date.' KRS 355.4A -301; (f) 'Funds transfer.' KRS 355.4A -104; (g) 'Funds -transfer system rule.' KRS 355.4A -501; (h) 'Intermediary bank.' KRS 355.4A -104; (i) 'Originator.' KRS 355.4A -104; (j) 'Originator's bank.' KRS 355.4A -104; (k) 'Payment by beneficiary's bank to beneficiary.' KRS 355.4A -405; (l) 'Payment by originator to beneficiary.' KRS 355.4A -406; (m) 'Payment by sender to receiving bank.' KRS 355.4A -403; (n) 'Payment date.' KRS 355.4A -401;

's bank to beneficiary.' KRS 355.4A -405; (l) 'Payment by originator to beneficiary.' KRS 355.4A -406; (m) 'Payment by sender to receiving bank.' KRS 355.4A -403; (n) 'Payment date.' KRS 355.4A -401; (o) 'Payment order.' KRS 355.4A -103; (p) 'Receiving bank.' KRS 355.4A -103; (q) 'Security procedure.' KRS 355.4A -201; and (r) 'Sender.' KRS 355.4A -103. (3) The following definiti ons in Article 4 of KRS Chapter 355 apply to this article: (a) 'Clearing house.' KRS 355.4 -104; (b) 'Item.' KRS 355.4 -104; and (c) 'Suspends payments.' KRS 355.4 -104. (4) In addition, Article 1 of KRS Chapter 355 contains general definitions and principle s of construction and interpretation applicable throughout this article. Effective: July 12, 2006 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 Rese arch 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 terms referenced in subsections (2) and (3) of this statute that are defined in other statutes. The words i n the text were not changed.