Maine Revised Statutes Title 11 Sec. 4-1105 – Other definitions
Current as of: 2023 | Check for updates
|
Other versions
(1). In this Article:
(a). “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; [PL 1991, c. 812, §2 (NEW).]
(b). “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; [PL 1991, c. 812, §2 (NEW).]
(c). “Customer” means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders; [PL 1991, c. 812, §2 (NEW).]
(d). “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; [PL 1991, c. 812, §2 (NEW).]
(e). “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; and [PL 2009, c. 325, Pt. B, §17 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]
(f). [PL 2009, c. 325, Pt. B, §18 (RP); PL 2009, c. 325, Pt. B, §27 (AFF).]
(g). “Prove” with respect to a fact means to meet the burden of establishing the fact (section 1?1201, subsection (8)). [PL 2009, c. 325, Pt. B, §19 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]
[PL 2009, c. 325, Pt. B, §§17-19 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).]
Terms Used In Maine Revised Statutes Title 11 Sec. 4-1105
- 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
(2). Other definitions applying to this Article and the sections in which they appear are:
| “Acceptance” | Section 4?1209 | ||
| “Beneficiary” | Section 4?1103 | ||
| “Beneficiary’s bank” | Section 4?1103 | ||
| “Executed” | Section 4?1301 | ||
| “Execution date” | Section 4?1301 | ||
| “Funds transfer” | Section 4?1104 | ||
| “Funds transfer system rule” | Section 4?1501 | ||
| “Intermediary bank” | Section 4?1104 | ||
| “Originator” | Section 4?1104 | ||
| “Originator’s bank” | Section 4?1104 | ||
| “Payment by beneficiary‘s bank to beneficiary” | Section 4?1405 | ||
| “Payment by originator to beneficiary” | Section 4?1406 | ||
| “Payment by sender to receiving bank” | Section 4?1403 | ||
| “Payment date” | Section 4?1401 | ||
| “Payment order” | Section 4?1103 | ||
| “Receiving bank” | Section 4?1103 | ||
| “Security procedure” | Section 4?1201 | ||
| “Sender” | Section 4?1103 |
[PL 1991, c. 812, §2 (NEW).]
(3). The following definitions in Article 4 apply to this Article:
| “Clearing house” | Section 4?104 | ||
| “Item” | Section 4?104 | ||
| “Suspends payments” | Section 4?104 |
[PL 1991, c. 812, §2 (NEW).]
(4). In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
[PL 1991, c. 812, §2 (NEW).]
SECTION HISTORY
PL 1991, c. 812, §2 (NEW). PL 2009, c. 325, Pt. B, §§17-19 (AMD). PL 2009, c. 325, Pt. B, §27 (AFF).