Section 45.14.105. Other definitions.

   (a) In this chapter,
        (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 chapter;
        (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        (6)  [Repealed, Sec. 113 ch 44 SLA 2009].  
        (7) "prove," with respect to a fact, means to meet the burden of establishing the fact; "burden of establishing" has the meaning given in AS 45.01.211.
   (b) Other definitions applying to this chapter and the sections in which they appear are
        (1) "acceptance" in AS 45.14.209;
        (2) "executed" in AS 45.14.301;
        (3) "execution date" in AS 45.14.301;
        (4) "funds-transfer system rule" in AS 45.14.501;
        (5) "payment by beneficiary's bank to beneficiary" in AS 45.14.405;
        (6) "payment by originator to beneficiary" in AS 45.14.406;
        (7) "payment by sender to receiving bank" in AS 45.14.403;
        (8) "payment date" in AS 45.14.401;
        (9) "security procedure" in AS 45.14.201.
   (c) The following definitions in AS 45.04.104 apply to this chapter:
        (1) "clearinghouse";
        (2) "item";
        (3) "suspends payments".
   (d) In addition, AS 45.01 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Notes

History

(Sec. 12 ch 34 SLA 1993; am Sec. 93, 113 ch 44 SLA 2009)