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(a) In §§ 1021-1167 of this title:\n(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.\n(2) Bank. — Means a person engaged in the business of banking and includes a savings bank, a savings and loan association, a savings and loan union or cooperative, and a trust company. A branch or separate office of a bank is a separate bank for purposes of §§ 1021-1167 of this title.\n(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.\n(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.\n(5) Funds-transfer system.

he 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.\n(5) Funds-transfer system. — Means a wire transfer network, automated clearinghouse, 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.\n(6) Good faith. — Means honesty in fact and the observance of reasonable commercial standards of fair dealing.\n(7) Prove. — With respect to a fact means to meet the burden of establishing the fact (§ 451(8) of this title).\n(b) Other definitions applying to §§ 1021-1167 of this title and the sections in which they appear are:\n(1) Acceptance § 1059\n(2) Beneficiary § 1023\n(3) Beneficiary’s bank § 1023\n(4) Executed § 1101\n(5) Execution date § 1101\n(6) Funds transfer § 1024\n(7) Funds-transfer system rule § 1161\n(8) Intermediary bank § 1024\n(9) Originator § 1024\n(10) Originator’s bank § 1024\n(11) Payment by beneficiary’s bank to beneficiary § 1135\n(12) Payment by originator to beneficiary § 1136\n(13) Payment by sender to receiving bank

Originator § 1024\n(10) Originator’s bank § 1024\n(11) Payment by beneficiary’s bank to beneficiary § 1135\n(12) Payment by originator to beneficiary § 1136\n(13) Payment by sender to receiving bank § 1133\n(14) Payment date § 1131\n(15) Payment order § 1023\n(16) Receiving bank § 1023\n(17) Security procedure § 1051\n(18) Sender § 1023\n(c) The following definitions in §§ 801-1004 of this title apply to §§ 1021-1167 of this title:\n(1) Clearing house § 804\n(2) Item § 804\n(3) Suspends payments § 804\n(d) In addition §§ 401-458 of this title contain general definitions and principles of construction and interpretation applicable throughout §§ 1021-1167 of this title.\nHistory —Aug. 17, 1995, No. 208, § 4-105; Aug. 31, 1996, No. 176, § 4.