(a) In this chapter:

Terms Used In Tennessee Code 47-4A-105

  • 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
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the [former] federal savings and loan insurance corporation (FSLIC) or any successor [repealed] of such corporation. See Tennessee Code 1-3-105
(1) “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;
(2) “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;
(3) “Customer” means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders;
(4) “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;
(5) “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;
(6) “Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing; and
(7) “Prove” with respect to a fact means to meet the burden of establishing the fact (§ 47-1-201(b)(8)).
(b) Other definitions applying to this chapter and the sections in which they appear are:

“Acceptance”

§ 47-4A-209

“Beneficiary”

§ 47-4A-103

“Beneficiary’s bank”

§ 47-4A-103

“Executed”

§ 47-4A-301

“Execution date”

§ 47-4A-301

“Funds transfer”

§ 47-4A-104

“Funds-transfer system rule”

§ 47-4A-501

“Intermediary bank”

§ 47-4A-104

“Originator”

§ 47-4A-104

“Originator’s bank”

§ 47-4A-104

“Payment by beneficiary‘s bank to beneficiary”

§ 47-4A-405

“Payment by originator to beneficiary”

§ 47-4A-406

“Payment by sender to receiving bank”

§ 47-4A-403

“Payment date”

§ 47-4A-401

“Payment order”

§ 47-4A-103

“Receiving bank”

§ 47-4A-103

“Security procedure”

§ 47-4A-201

“Sender”

§ 47-4A-103
(c) The following definitions in chapter 4 of this title apply to this chapter:

“Clearinghouse”

§ 47-4-104

“Item”

§ 47-4-104

“Suspends payments”

§ 47-4-104
(d) In addition, chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.
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