Tennessee § 47-4A-105 - Other definitions.

§ 47-4A-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; “Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing; and “Prove” with respect to a fact means to meet the burden of establishing the fact (§ 47-1-201(b)(8)). Other definitions applying to this chapter and the sections in which they appear are: “Acceptance” § 47-4A-209 “Beneficiary” § 47-4A-103 “Beneficiary's bank” § 47-4A-103 “Executed” § 47-4A-301 “Execution date” § 47-4A-301 “Funds transfer” § 47-4A-104 “Funds-transfer system rule” § 47-4A-501 “Intermediary bank” § 47-4A-104 “Originator” § 47-4A-104 “Originator's bank” § 47-4A-104 “Payment by beneficiary's bank to beneficiary” § 47-4A-405 “Payment by originator to beneficiary” § 47-4A-406 “Payment by sender to receiving bank” § 47-4A-403 “Payment date” § 47-4A-401 “Payment order” § 47-4A-103 “Receiving bank” § 47-4A-103 “Security procedure” § 47-4A-201 “Sender” § 47-4A-103 The following definitions in chapter 4 of this title apply to this chapter: “Clearinghouse” § 47-4-104 “Item” § 47-4-104 “Suspends payments” § 47-4-104 In addition, chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter. Acts 1991, ch. 52, § 1; 2008, ch. 930, § 10. Amendments. The 2008 amendment substituted “§ 47-1-201(b)(8) ” for “§ 47-1-201(8) ” in (a)(7). Effective Dates. Acts 2008, ch. 930, § 15. July 1, 2008.