Arkansas § 4-4A-105 - Other definitions.

§ 4-4A-105. Other definitions.

In this Chapter: “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. “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 chapter. “Customer” means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders. “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. “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. [Reserved.] “Prove” with respect to a fact means to meet the burden of establishing the fact (§ 4-1-201(b)(8)). Other definitions applying to this chapter and the sections in which they appear are: The following definitions in Chapter 4 apply to this chapter: In addition Chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter. “Acceptance”. Section 4-4A-209. “Beneficiary”. Section 4-4A-103. “Beneficiary's bank”. Section 4-4A-103. “Executed”. Section 4-4A-301. “Execution date”. Section 4-4A-301. “Funds transfer”. Section 4-4A-104. “Funds-transfer system rule”. Section 4-4A-501. “Intermediary bank”. Section 4-4A-104. “Originator”. Section 4-4A-104. “Originator's bank”. Section 4-4A-104. “Payment by beneficiary's bank to beneficiary”. Section 4-4A-405. “Payment by originator to beneficiary”. Section 4-4A-406. “Payment by sender to receiving bank”. Section 4-4A-403. “Payment date”. Section 4-4A-401. “Payment order”. Section 4-4A-103. “Receiving bank”. Section 4-4A-103. “Security procedure”. Section 4-4A-201. “Sender”. Section 4-4A-103. “Clearinghouse”. Section 4-4-104. “Item”. Section 4-4-104. “Suspends payments”. Section 4-4-104.