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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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COMMERCIAL LAW |
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TITLE 4A. FUNDS TRANSFERS |
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SUBTITLE 1. SUBJECT MATTER AND DEFINITIONS |
§ 4A-105. Other definitions
Latest version.
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(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 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 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 clearing house, or other communication system of a clearing house 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 (§ 1-208(b)(8)).
(b) Other definitions applying to this title and the sections in which they appear are:x60
"Acceptance" § 4A-209
"Beneficiary" § 4A-103
"Beneficiary's bank" § 4A-103
"Executed" § 4A-301
"Execution date" § 4A-301
"Funds transfer" § 4A-104
"Funds-transfer
system rule" § 4A-501
"Intermediary bank" § 4A-104
"Originator" § 4A-104
"Originator's bank" § 4A-104
"Payment by
beneficiary's bank
to beneficiary" § 4A-405
"Payment by
originator to
beneficiary" § 4A-406
"Payment by sender
to receiving bank" § 4A-403
"Payment date" § 4A-401
"Payment order" § 4A-103
"Receiving bank" § 4A-103
"Security procedure" § 4A-201
"Sender" § 4A-103
(c) The following definitions in Title 4 of this article apply to this
title:
"Clearing house" § 4-104
"Item" § 4-104
"Suspends payments" § 4-104
(d) In addition, Title 1 of this article contains general definitions and principles of construction and interpretation applicable throughout this title.