South Carolina § 36-4-104 - Definitions and index of definitions.

§ 36-4-104. Definitions and index of definitions.

(a) In this chapter, unless the context otherwise requires:

(1) "Account" means 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;

(2) "Afternoon" means the period of a day between noon and midnight;

(3) "Banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;

(4) "Clearing house" means an association of banks or other payors regularly clearing items;

(5) "Customer" means 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;

(6) "Documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities (Section 36-8-102) or instructions for uncertificated securities (Section 36-8-102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;

(7) "Draft" means a draft as defined in Section 36-3-104 or an item, other than an instrument, that is an order;

(8) "Drawee" means a person ordered in a draft to make payment;

(9) "Item" means 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 Chapter 4A or a credit or debit card slip;

(10) "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;

(11) "Settle" means to pay in cash, by clearing-house settlement, in a charge or credit or by remittance, or otherwise as agreed. A settlement may be either provisional or final;

(12) "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) Other definitions applying to this chapter and the sections in which they appear are:

	"Agreement for electronic presentment"	Section 36-4-110.
	"Collecting bank"	Section 36-4-105.
	"Depositary bank"	Section 36-4-105.
	"Intermediary bank"	Section 36-4-105.
	"Payor bank"	Section 36-4-105.
	"Presenting bank"	Section 36-4-105.
	"Presentment notice"	Section 36-4-110.

(c) "Control" as provided in Section 36-7-106 and the following definitions in other chapters apply to this chapter:

"Acceptance" Section 36-3-409.

"Alteration" Section 36-3-407.

"Cashier's check" Section 36-3-104.

"Certificate of deposit" Section 36-3-104.

"Certified check" Section 36-3-409.

"Check" Section 36-3-104.

"Holder in due course" Section 36-3-302.

"Instrument" Section 36-3-104.

"Notice of dishonor" Section 36-3-503.

"Order" Section 36-3-103.

"Ordinary care" Section 36-3-103.

"Person entitled to enforce" Section 36-3-301.

"Presentment" Section 36-3-501.

"Promise" Section 36-3-103.

"Prove" Section 36-3-103.

"Record" Section 36-3-103.

"Remotely-created consumer item" Section 36-3-103.

"Teller's check" Section 36-3-104.

"Unauthorized signature" Section 36-3-403.

(d) In addition, Chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.

HISTORY: 1962 Code SECTION 10.4-104; 1966 (54) 2716; 2001 Act No. 67, SECTION 9; 2008 Act No. 204, SECTION 3, eff July 1, 2008; 2014 Act No. 213 (S.343), SECTION 25, eff October 1, 2014.

Editor's Note

2014 Act No. 213, SECTION 51, provides as follows:

"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."

Effect of Amendment

2014 Act No. 213, SECTION 25, in subsection (c), included the definition of "control", and removed the cross reference to "good faith", Section 36-3-103".