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North Dakota Century Code Title 41. Uniform Commercial Code § 41-04.1-05. (4A-105) Other definitions

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1. In this chapter:

a. “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.

b. “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.

c. “Customer” means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.

d. “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.

e. “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.

f. (Reserved).

g. “Prove” with respect to a fact means to meet the burden of establishing the fact.  Subdivision h of subsection 2 of section 41-01-09.

2. Other definitions applying to this chapter and the sections in which they appear are:

a. “Acceptance”.  Section 41-04.1-17.

b. “Beneficiary”.  Section 41-04.1-03.

c. “Beneficiary's bank”.  Section 41-04.1-03.

d. “Executed”.  Section 41-04.1-21.

e. “Execution date”.  Section 41-04.1-21.

f. “Funds transfer”.  Section 41-04.1-04.

g. “Funds-transfer system rule”.  Section 41-04.1-32.

h. “Intermediary bank”.  Section 41-04.1-04.

i. “Originator”.  Section 41-04.1-04.

j. “Originator's bank”.  Section 41-04.1-04.

k. “Payment by beneficiary's bank to beneficiary”.  Section 41-04.1-30.

l. “Payment by originator to beneficiary”.  Section 41-04.1-31.

m. “Payment by sender to receiving bank”.  Section 41-04.1-28.

n. “Payment date”.  Section 41-04.1-26.

o. “Payment order”.  Section 41-04.1-03.

p. “Receiving bank”.  Section 41-04.1-03.

q. “Security procedure”.  Section 41-04.1-26.

r. “Sender”.  Section 41-04.1-03.

3. The following definitions in chapter 41-04 apply to this chapter:

a. “Clearinghouse”.  Section 41-04-04.

b. “Item”.  Section 41-04-04.

c. “Suspends payments”.  Section 41-04-04.

4. In addition, chapter 41-01 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Cite this article: - North Dakota Century Code Title 41. Uniform Commercial Code § 41-04.1-05. (4A-105) Other definitions - last updated January 01, 2020 |

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