North Carolina § 25-4A-105 - Other definitions.

§ 25-4A-105. Other definitions.

In this Article: "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 Article. "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. Repealed by Session Laws 2006-112, s. 15, effective October 1, 2006. "Prove" with respect to a fact means to meet the burden of establishing the fact (G.S. 25-1-201(b)(8)). Other definitions applying to this Article and the sections in which they appear are: In addition, Article 1 of this Chapter contains general definitions and principles of construction and interpretation applicable throughout this Article. "Acceptance" G.S. 25-4A-209 "Beneficiary" G.S. 25-4A-103 "Beneficiary's bank" G.S. 25-4A-103 "Executed" G.S. 25-4A-301 "Execution date" G.S. 25-4A-301 "Funds transfer" G.S. 25-4A-104 "Funds-transfer system rule" G.S. 25-4A-501 "Intermediary bank" G.S. 25-4A-104 "Originator" G.S. 25-4A-104 "Originator's bank" G.S. 25-4A-104 "Payment by beneficiary's bank to beneficiary" G.S. 25-4A-405 "Payment by originator to beneficiary" G.S. 25-4A-406 "Payment by sender to receiving bank" G.S. 25-4A-403 "Payment date" G.S. 25-4A-401 "Payment order" G.S. 25-4A-103 "Receiving bank" G.S. 25-4A-103 "Security procedure" G.S. 25-4A-201 "Sender" G.S. 25-4A-103. (c) The following definitions in Article 4 apply to this Article: "Clearing house" G.S. 25-4-104 "Item" G.S. 25-4-104 "Suspends payments" G.S. 25-4-104. History (1993, c. 157, s. 1; 2006-112, ss. 15, 16.)