(a) In this Article:

(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.

Terms Used In North Carolina General Statutes 25-4A-105

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3

(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 Article.

(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(6) Repealed by Session Laws 2006-112, s. 15, effective October 1, 2006.

(7) “Prove” with respect to a fact means to meet the burden of establishing the fact (N.C. Gen. Stat. § 25-1-201(b)(8)).

(b) Other definitions applying to this Article and the sections in which they appear are:

“Acceptance” N.C. Gen. Stat. § 25-4A-209

“Beneficiary” N.C. Gen. Stat. § 25-4A-103

“Beneficiary’s bank” N.C. Gen. Stat. § 25-4A-103

“Executed” N.C. Gen. Stat. § 25-4A-301

“Execution date” N.C. Gen. Stat. § 25-4A-301

“Funds transfer” N.C. Gen. Stat. § 25-4A-104

“Funds-transfer system rule” N.C. Gen. Stat. § 25-4A-501

“Intermediary bank” N.C. Gen. Stat. § 25-4A-104

“Originator” N.C. Gen. Stat. § 25-4A-104

“Originator’s bank” N.C. Gen. Stat. § 25-4A-104

“Payment by beneficiary‘s bank to beneficiary” N.C. Gen. Stat. § 25-4A-405

“Payment by originator to beneficiary” N.C. Gen. Stat. § 25-4A-406

“Payment by sender to receiving bank” N.C. Gen. Stat. § 25-4A-403

“Payment date” N.C. Gen. Stat. § 25-4A-401

“Payment order” N.C. Gen. Stat. § 25-4A-103

“Receiving bank” N.C. Gen. Stat. § 25-4A-103

“Security procedure” N.C. Gen. Stat. § 25-4A-201

“Sender” N.C. Gen. Stat. § 25-4A-103.

(c) The following definitions in Article 4 apply to this Article:

“Clearing house” N.C. Gen. Stat. § 25-4-104

“Item” N.C. Gen. Stat. § 25-4-104

“Suspends payments” N.C. Gen. Stat. § 25-4-104.

(d) In addition, Article 1 of this Chapter contains general definitions and principles of construction and interpretation applicable throughout this Article. (1993, c. 157, s. 1; 2006-112, ss. 15, 16.)

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