1.    In this chapter, unless the context otherwise requires:

Terms Used In North Dakota Code 41-04-04

  • 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
  • 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.

a.    “Account” means any deposit or credit account with a bank and includes a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit.

b.    “Afternoon” means the period of a day between noon and midnight.

c.    “Banking day” means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions.

d.    “Clearinghouse” means an association of banks or other payors regularly clearing items.

e.    “Customer” means a person having an account with a bank or for whom a bank has agreed to collect items and includes a bank maintaining an account at another bank.

f.    “Documentary draft” means a draft to be presented for acceptance or payment if specified documents, certificated securities (section 41-08-02), or instructions for uncertificated securities (section 41-08-02), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft.

g.    “Draft” means a draft as defined in section 41-03-04 or an item, other than an instrument, that is an order.

h.    “Drawee” means a person ordered in a draft to make payment.

i.    “Item” means an instrument or a promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by chapter 41-04.1 or a credit or debit card slip.

j.    “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.

k.    “Settle” means to pay in cash, by clearinghouse settlement, in a charge or credit, or by remittance, or otherwise as agreed. A settlement may be either provisional or final.

l.    “Suspends payments” with respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over, or that it ceases or refuses to make payments in the ordinary course of business.

2.    Other definitions applying to this chapter and the sections in which they appear are:

a.    “Bank”. Section 41-04-05.

b.    “Collecting bank”. Section 41-04-05. c.    “Depositary bank”. Section 41-04-05.

d.    “Electronic presentment agreement”. Section 41-04-10. e.    “Intermediary bank”. Section 41-04-05.

f.    “Payor bank”. Section 41-04-05.

g.    “Presenting bank”. Section 41-04-05.

h.    “Presentment notice”. Section 41-04-10.

3.    “Control” as provided under section 41-07-06 and the following definitions in other chapters apply to this chapter:

a.    “Acceptance”. Section 41-03-46.

b.    “Alteration”. Section 41-03-44.

c.    “Cashier’s check”. Section 41-03-04.

d.    “Certificate of deposit”. Section 41-03-04. e.    “Certified check”. Section 41-03-45.

f.    “Check”. Section 41-03-04.

g.    “Holder in due course”. Section 41-03-28. h.    “Instrument”. Section 41-03-04.

i.    “Notice of dishonor”. Section 41-03-60.

j.    “Order”. Section 41-03-03.

k.    “Ordinary care”. Section 41-03-03.

l.    “Person entitled to enforce”. Section 41-03-27. m.    “Presentment”. Section 41-03-58.

n.    “Promise”. Section 41-03-03. o.    “Prove”. Section 41-03-03.

p.    “Teller’s check”. Section 41-03-04.

q.    “Unauthorized signature”. Section 41-03-40.

4.    In addition, chapter 41-01 contains general definitions and principles of construction and interpretation applicable throughout this chapter.