(a) In this article:
Terms Used In Connecticut General Statutes 42a-4A-105
- banks: shall include all incorporated banks. See Connecticut General Statutes 1-1
- 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
- Deposit account: includes a share account of a savings and loan association. See Connecticut General Statutes 1-1
(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 clearing house, or other communication system of a clearing house 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) “Prove” with respect to a fact means to meet the burden of establishing the fact.
(b) Other definitions applying to this article and the section in which they appear are:
“Acceptance”. § 42a-4A-209.
“Beneficiary”. § 42a-4A-103.
“Beneficiary’s bank”. § 42a-4A-103.
“Executed”. § 42a-4A-301.
“Execution date”. § 42a-4A-301.
“Funds transfer”. § 42a-4A-104.
“Funds-transfer system rule”. § 42a-4A-501.
“Intermediary bank”. § 42a-4A-104.
“Originator”. § 42a-4A-104.
“Originator’s bank”. § 42a-4A-104.
“Payment by beneficiary‘s bank to beneficiary”. § 42a-4A-405.
“Payment by originator to beneficiary”. § 42a-4A-406.
“Payment by sender to receiving bank”. § 42a-4A-403.
“Payment date”. § 42a-4A-401.
“Payment order”. § 42a-4A-103.
“Receiving bank”. § 42a-4A-103.
“Security procedure”. § 42a-4A-201.
“Sender”. § 42a-4A-103.
(c) The following definitions in article 4 apply to this article:
“Clearing house”. § 42a-4-104.
“Item”. § 42a-4-104.
“Suspends payments”. § 42a-4-104.
(d) In addition, article 1 contains general interpretation applicable throughout this article.