New Jersey § 12a:4a-105

§ 12a:4a-105.

(1) In this chapter: (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

authorized 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, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this chapter. (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 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. (f) “ Good faith ” means honesty in fact and the observance of reasonable commercial standards of fair

dealing. (g) “ Prove ” with respect to a fact means to meet the burden of establishing the fact ( section 12A:1-201(8) ). (2) Other definitions applying to this chapter and the sections in which they appear

are: “ Acceptance ” Section 12A:4A-209 “Beneficiary” Section 12A:4A-103 “Beneficiary's bank” Section 12A:4A-103 “ Executed ” Section 12A:4A-301 “ Execution date ” Section 12A:4A-301 “Funds transfer” Section 12A:4A-104 “ Funds-transfer system rule ” Section 12A:4A-501 “Intermediary bank” Section 12A:4A-104 “Originator” Section 12A:4A-104 “Originator's bank” Section 12A:4A-104 “ Payment by beneficiary's bank to beneficiary ” Section 12A:4A-405 “ Payment by originator to beneficiary ” Section 12A:4A-406 “ Payment by sender to receiving bank ” Section 12A:4A-403 “ Payment date ” Section 12A:4A-401 “Payment order” Section 12A:4A-103 “Receiving bank” Section 12A:4A-103 “ Security procedure ” Section 12A:4A-201 “Sender” Section 12A:4A-103 (3) The following definitions in chapter 4 apply to this chapter: “ Clearing house ” Section 12A:4-104 “ Item ” Section 12A:4-104 “ Suspends payments ” Section 12:4-104 (4) In addition, chapter 1 contains general definitions and principles of construction

and interpretation applicable throughout this chapter.