Amended by Stats. 2006, Ch. 254, Sec. 73. Effective January 1, 2007.
(a)In this division:
(1)“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.
(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 division.
(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)[Reserved]
(7)“Prove” with respect to a fact means to meet the burden of establishing the fact under subdivision (8) of Section 1201.
(b)Other definitions applying to this division and the sections in which they appear are:
Acceptance: Section 11209.
Beneficiary: Section 11103.
Beneficiary’s bank: Section 11103.
Executed: Section
11301.
Execution date: Section 11301.
Funds transfer: Section 11104.
Funds-transfer system rule: Section 11501.
Intermediary bank: Section 11104.
Originator: Section 11104.
Originator’s bank: Section 11104.
Payment by beneficiary’s bank to beneficiary: Section 11405.
Payment by originator to beneficiary: Section 11406.
Payment by sender to receiving bank: Section 11403.
Payment date: Section 11401.
Payment order: Section 11103.
Receiving bank: Section 11103.
Security procedure: Section 11201.
Sender: Section 11103.
(c)The following definitions in Division 4 (commencing with Section 4101) apply to this division:
Clearinghouse: Section 4104.
Item: Section 4104.
Suspends payments: Section 4104.
(d)In addition, Division 1 (commencing with Section 1101) contains general definitions and principles of construction and interpretation applicable throughout
this division.
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