North Dakota Code 41-04.1-05 – (4A-105) Other definitions
1. In this chapter:
Terms Used In North Dakota Code 41-04.1-05
- Authorized: when used with reference to a financing statement record, means that the financing statement record was filed by a person authorized to do so as provided in sections 41-09-80 and 41-09-130. See North Dakota Code 41-10-01
- 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
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
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.
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 chapter.
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.
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.
e. “Funds-transfer system” means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse 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.
f. (Reserved).
g. “Prove” with respect to a fact means to meet the burden of establishing the fact.
Subdivision h of subsection 2 of section 41-01-09.
2. Other definitions applying to this chapter and the sections in which they appear are:
a. “Acceptance”. Section 41-04.1-17. b. “Beneficiary”. Section 41-04.1-03.
c. “Beneficiary’s bank”. Section 41-04.1-03. d. “Executed”. Section 41-04.1-21.
e. “Execution date”. Section 41-04.1-21. f. “Funds transfer”. Section 41-04.1-04.
g. “Funds-transfer system rule”. Section 41-04.1-32. h. “Intermediary bank”. Section 41-04.1-04.
i. “Originator”. Section 41-04.1-04.
j. “Originator’s bank”. Section 41-04.1-04.
k. “Payment by beneficiary‘s bank to beneficiary”. Section 41-04.1-30. l. “Payment by originator to beneficiary”. Section 41-04.1-31.
m. “Payment by sender to receiving bank”. Section 41-04.1-28. n. “Payment date”. Section 41-04.1-26.
o. “Payment order”. Section 41-04.1-03. p. “Receiving bank”. Section 41-04.1-03.
q. “Security procedure”. Section 41-04.1-26. r. “Sender”. Section 41-04.1-03.
3. The following definitions in chapter 41-04 apply to this chapter:
a. “Clearinghouse”. Section 41-04-04. b. “Item”. Section 41-04-04.
c. “Suspends payments”. Section 41-04-04.
4. In addition, chapter 41-01 contains general definitions and principles of construction and interpretation applicable throughout this chapter.