Pennsylvania § 4104 - Definitions and index of definitions.

§ 4104. Definitions and index of definitions.

(a) Definitions.--The following words and phrases when used in this division shall have, unless the context clearly indicates otherwise, the meanings given to them in this subsection:

"Account." Any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit.

"Afternoon." The period of a day between noon and midnight.

"Banking day." The part of a day on which a bank is open to the public for carrying on substantially all of its banking functions.

"Clearinghouse." An association of banks or other payors regularly clearing items.

"Customer." A person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank.

"Documentary draft." A draft to be presented for acceptance or payment if specified documents, certificated securities (section 8102) or instructions for uncertificated securities (section 8102) or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the draft.

"Draft." A draft as defined in section 3104 (relating to negotiable instrument) or an item, other than an instrument, that is an order.

"Drawee." A person ordered in a draft to make payment.

"Item." An instrument or a promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by Division 4A (relating to funds transfers) or a credit or debit card slip.

"Midnight deadline." With respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later.

"Settle." To pay in cash, by clearinghouse settlement, in a charge or credit or by remittance, or otherwise as agreed. A settlement may be either provisional or final.

"Suspends payments." With respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over or that it ceases or refuses to make payments in the ordinary course of business.

(b) Index of other definitions in division.--Other definitions applying to this division and the sections in which they appear are:

"Agreement for electronic presentment." Section 4110.

"Bank." Section 4105.

"Collecting bank." Section 4105.

"Depositary bank." Section 4105.

"Intermediary bank." Section 4105.

"Payor bank." Section 4105.

"Presenting bank." Section 4105.

"Presentment notice." Section 4110.

(c) Index of definitions in other divisions.--The following definitions in other divisions apply to this division:

"Acceptance." Section 3409.

"Alteration." Section 3407.

"Cashier's check." Section 3104.

"Certificate of deposit." Section 3104.

"Certified check." Section 3409.

"Check." Section 3104.

"Control." Section 7106.

"Good faith." (Deleted by amendment).

"Holder in due course." Section 3302.

"Instrument." Section 3104.

"Notice of dishonor." Section 3503.

"Order." Section 3103.

"Ordinary care." Section 3103.

"Person entitled to enforce." Section 3301.

"Presentment." Section 3501.

"Promise." Section 3103.

"Prove." Section 3103.

"Teller's check." Section 3104.

"Unauthorized signature." Section 3403.

(d) Applicability of general definitions and principles.--In addition Division 1 contains general definitions and principles of construction and interpretation applicable throughout this division.

(July 9, 1992, P.L.507, No.97, eff. one year; May 22, 1996, P.L.248, No.44, eff. 180 days; Apr. 16, 2008, P.L.57, No.13, eff. 60 days)

2008 Amendment. Act 13 deleted the def. of "good faith" and added the def. of "control" in subsec. (c).

1996 Amendment. Act 44 amended subsec. (a).

Cross References. Section 4104 is referred to in sections 3103, 4A105, 9102 of this title.