Terms Used In Alaska Statutes > Title 45 > Chapter 4 > Article 3 - Collection of Items: Payor Banks

• account: means a deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See Alaska Statutes 45.04.104
• banking day: means that part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Alaska Statutes 45.04.104
• clearinghouse: means an association of banks or other payors regularly clearing items. See Alaska Statutes 45.04.104
• customer: means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Alaska Statutes 45.04.104
• documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities under Alaska Stat. See Alaska Statutes 45.04.104
• item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Alaska Statutes 45.04.104
• 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
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.