Delaware Code Title 6 Sec. 4A-105 – Other definitions
(a) In this Article:
(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) [Reserved.]
(7) “Prove” with respect to a fact means to meet the burden of establishing the fact (Section 1-201(b)(8)).
Terms Used In Delaware Code Title 6 Sec. 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: means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. See Delaware Code Title 6 Sec. 17-101
(b) Other definitions applying to this Article and the sections in which they appear are:
“Acceptance” ________________ Section 4A-209
“Beneficiary” ________________ Section 4A-103
“Beneficiary’s bank” ________________ Section 4A-103
“Executed” ________________ Section 4A-301
“Execution date” ________________ Section 4A-301
“Funds transfer” ________________ Section 4A-104
“Funds-transfer system rule” ________________ Section 4A-501
“Intermediary bank” ________________ Section 4A-104
“Originator” ________________ Section 4A-104
“Originator’s bank” ________________ Section 4A-104
“Payment by beneficiary‘s bank to beneficiary” ________________ Section 4A-405
“Payment by originator to beneficiary” ________________ Section 4A-406
“Payment by sender to receiving bank” ________________ Section 4A-403
“Payment date” ________________ Section 4A-401
“Payment order” ________________ Section 4A-103
“Receiving bank” ________________ Section 4A-103
“Security procedure” ________________ Section 4A-201
“Sender” ________________ Section 4A-103
(c) The following definitions in Article 4 apply to this Article:
“Clearing house” ________________ Section 4-104
“Item” ________________ Section 4-104
“Suspends payments” ________________ Section 4-104
(d) In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
68 Del. Laws, c. 430, § ?1; 74 Del. Laws, c. 332, §§ ?34, 35;