(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).]


PL 1991, c. 812, §2 (NEW). PL 2009, c. 325, Pt. B, §§17-19 (AMD). PL 2009, c. 325, Pt. B, §27 (AFF).