Arizona Laws > Title 47 > Chapter 4 > Article 3 – Collection of Items; Payor Banks
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Terms Used In Arizona Laws > Title 47 > Chapter 4 > Article 3 - Collection of Items; Payor Banks
- Account: means any 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 Arizona Laws 47-4104
- Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Arizona Laws 47-4104
- Clearing house: means an association of banks or other payors regularly clearing items. See Arizona Laws 47-4104
- 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 Arizona Laws 47-4104
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (section 47-8102) or instructions for uncertificated securities (section 47-8102) or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Arizona Laws 47-4104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Arizona Laws 47-4104
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
- 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.