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: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(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of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed;(6)[Repealed, Sec. 113 ch 44 SLA 2009].(7) “prove,” with respect to a fact, means to meet the burden of establishing the fact; “burden of establishing” has the meaning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 Alaska Stat. § 45.01.211.(b) Other definitions applying to this chapter and the sections in which they appear are
(1) “acceptance” in Alaska Stat. § 45.14.209;(2) “executed” in Alaska Stat. § 45.14.301;(3) “execution date” in Alaska Stat. § 45.14.301;(4) “funds-transfer system rule” in Alaska Stat. § 45.14.501;(5) “payment by beneficiary‘s bank to beneficiary” in Alaska Stat. § 45.14.405;(6) “payment by originator to beneficiary” in Alaska Stat. § 45.14.406;(7) “payment by sender to receiving bank” in Alaska Stat. § 45.14.403;(8) “payment date” in Alaska Stat. § 45.14.401;(9) “security procedure” in Alaska Stat. § 45.14.201.(c) The following definitions in Alaska Stat. § 45.04.104 apply to this chapter:
(1) “clearinghouse”;(2) “item”;(3) “suspends payments”.(d) In addition, Alaska Stat. Chapter 45.01 contains general definitions and principles of construction and interpretation applicable throughout this chapter.
