Virginia § 8.4A-105 - Other definitions
Full text of Virginia Code of Virginia § 8.4A-105 — Other definitions, with citation guidance and answers to common questions.
§ 8.4A-105. Other definitions
(a) In this title:
(1) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment orders issued by the customer to the bank. If a customer does 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.
(2) "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 title.
(3) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.
(4) "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.
(5) "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.
(6) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.
(7) "Prove" with respect to a fact means to meet the burden of establishing the fact as provided in § 8.1A-201(b)(8).
(b) Other definitions applying to this title and the sections in which they appear are:
"Acceptance"§ 8.4A-209.
"Beneficiary"§ 8.4A-103.
"Beneficiary's bank"§ 8.4A-103.
"Executed"§ 8.4A-301.
"Execution date"§ 8.4A-301.
"Funds transfer"§ 8.4A-104.
"Funds-transfer system rule"§ 8.4A-501.
"Intermediary bank"§ 8.4A-104.
"Originator"§ 8.4A-104.
"Originator's bank"§ 8.4A-104.
"Payment by beneficiary's bank to beneficiary"§ 8.4A-405.
"Payment by originator to beneficiary"§ 8.4A-406.
"Payment by sender to receiving bank"§ 8.4A-403.
"Payment date"§ 8.4A-401.
"Payment order"§ 8.4A-103.
"Receiving bank"§ 8.4A-103.
"Security procedure"§ 8.4A-201.
"Sender"§ 8.4A-103.
(c) The following definitions in Title 8.4 apply to this title:
"Clearinghouse"§ 8.4-104.
"Item"§ 8.4-104.
"Suspends payments"§ 8.4-104.
(d) In addition, Title 8.1A contains general definitions and principles of construction and interpretation applicable throughout this title.
1990, c. 9; 2003, c. 353.
Frequently Asked Questions About Virginia § 8.4A-105
What does Code of Virginia § 8.4A-105 cover?
Section 8.4A-105 ("Other definitions") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 8.4A-105?
A common citation format is "Code of Virginia § 8.4A-105" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 8.4A-105 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.