Terms Used In New York Laws > Uniform Commercial Code > Article 4 > Part 2 - Collection of Items: Depositary and Collecting Banks

• Account: means any account with a bank and includes a
  
  checking, time, interest or savings account;
  
  (b) "Afternoon" means the period of a day between noon and
  
  midnight;
  
  (c) "Banking day" means that part of any day on which a bank is
  
  open to the public for carrying on substantially all of its
  
  banking functions;
  
  (d) "Clearing house" means any association of banks or other
  
  payors regularly clearing items;
  
  (e) "Customer" means any person having an account with a bank or
  
  for whom a bank has agreed to collect items and includes a
  
  bank carrying an account with another bank;
  
  (f) "Documentary draft" means any negotiable or non-negotiable
  
  draft with accompanying documents, securities or other papers
  
  to be delivered against honor of the draft;
  
  (g) "Item" means any instrument for the payment of money even
  
  though it is not negotiable but does not include money;
  
  (h) "Midnight deadline" with respect to a bank is midnight on its
  
  next banking day following the banking day on which it
  
  receives the relevant item or notice or from which the time
  
  for taking action commences to run, whichever is later;
  
  (i) "Obligated bank" means the acceptor of a certified check, the
  
  issuer of a cashier's check, or the drawer of a teller's
  
  check;
  
  (j) "Properly payable" includes the availability of funds for
  
  payment at the time of decision to pay or dishonor;
  
  (k) "Remitter" means the buyer from the obligated bank of a
  
  cashier's check or a teller's check, and the drawer of a
  
  certified check;
  
  (l) "Settle" means to pay in cash, by clearing house settlement,
  
  in a charge or credit or by remittance, or otherwise as
  
  instructed. See N.Y. Uniform Commercial Code 4-104
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
• Concurring petition: means a document distributed by the secretary or clerk of the receiving house to the members thereof upon receipt from the clerk or secretary of the initiating house of a certified copy of a petition timely executed by two-thirds of the members of the initiating house duly requesting the convening of an extraordinary session. See N.Y. Legislative Law 34
• Continuance: Putting off of a hearing ot trial until a later time.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Depositary bank: means the first bank to which an item is transferred for collection even though it is also the payor bank;
  
  (b) "Payor bank" means a bank by which an item is payable as drawn or accepted;
  
  (c) "Intermediary bank" means any bank to which an item is transferred in course of collection except the depositary or payor bank;
  
  (d) "Collecting bank" means any bank handling the item for collection except the payor bank;
  
  (e) "Presenting bank" means any bank presenting an item except a payor bank;
  
  (f) "Remitting bank" means any payor or intermediary bank remitting for an item. See N.Y. Uniform Commercial Code 4-105
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• House: means the senate or assembly of the state of New York. See N.Y. Legislative Law 34
• Initiating house: means the house wherein a request is filed with the secretary or clerk, as the case may be, under the provisions of subdivision a of section thirty-five of this article. See N.Y. Legislative Law 34
• Joint petition: means a document distributed jointly by the secretary and clerk to the members of both houses, transmitting the joint written request of at least one member of each house for the convening of an extraordinary session. See N.Y. Legislative Law 34
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Petition: means a document distributed by the secretary or clerk of the initiating house to the members thereof transmitting the request of a member or members of such house for the convening of an extraordinary session. See N.Y. Legislative Law 34
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Receiving house: means the house to which is transmitted a certified copy of a petition timely executed by two-thirds of the members of the initiating house. See N.Y. Legislative Law 34
• 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.
• Trustee: A person or institution holding and administering property in trust.