Washington Code 62A.4A-105 – Other definitions
Current as of: 2023 | Check for updates
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Other versions
(a) In this Article:
Terms Used In Washington Code 62A.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
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(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 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) [Reserved.]
(7) “Prove” with respect to a fact means to meet the burden of establishing the fact (RCW 62A.1-201(b)(8)).
(b) Other definitions applying to this Article and the sections in which they appear are:
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“Acceptance”
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RCW 62A.4A-209
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“Beneficiary”
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RCW 62A.4A-103
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“Beneficiary’s bank”
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RCW 62A.4A-103
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“Executed”
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RCW 62A.4A-301
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“Execution date”
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RCW 62A.4A-301
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“Funds transfer”
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RCW 62A.4A-104
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“Funds-transfer system rule”
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RCW 62A.4A-501
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“Intermediary bank”
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RCW 62A.4A-104
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“Originator”
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RCW 62A.4A-104
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“Originator’s bank”
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RCW 62A.4A-104
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“Payment by beneficiary‘s bank to beneficiary”
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RCW 62A.4A-405
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“Payment by originator to beneficiary”
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RCW 62A.4A-406
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“Payment by sender to receiving bank”
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RCW 62A.4A-403
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“Payment date”
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RCW 62A.4A-401
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“Payment order”
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RCW 62A.4A-103
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“Receiving bank”
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RCW 62A.4A-103
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“Security procedure”
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RCW 62A.4A-201
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“Sender”
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RCW 62A.4A-103
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(d) In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
[ 2013 c 118 § 4; 2012 c 214 § 1201; 1991 sp.s. c 21 § 4A-105.]
NOTES:
Application—Savings—2012 c 214: See notes following RCW 62A.1-101.