Minnesota Statutes § 336.4A-105 - 336.4A-105 OTHER DEFINITIONS.
AI-assisted research summary: This section defines several terms used in the article, including “authorized account,” “bank,” “customer,” “funds-transfer business day,” “funds-transfer system,” and “prove.”
(a) In this article: (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 association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this article. (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) (Reserved.) (7) "Prove" with respect to a fact means to meet the burden of establishing the fact (section 336.1-201(b)(8)). (b) Other definitions applying to the article and the sections in which they appear: "Acceptance." Section 336.4A-209. "Beneficiary." Section 336.4A-103. "Beneficiary's bank." Section 336.4A-103. "Executed." Section 336.4A-301. "Execution date." Section 336.4A-301. "Funds transfer." Section 336.4A-104. "Funds-transfer system rule." Section 336.4A-501. "Intermediary bank." Section 336.4A-104. "Originator." Section 336.4A-104. "Originator's bank." Section 336.4A-104. "Payment by beneficiary's bank to beneficiary." Section 336.4A-405. "Payment by originator to beneficiary." Section 336.4A-406. "Payment by sender to receiving bank." Section 336.4A-403. "Payment date." Section 336.4A-401. "Payment order." Section 336.4A-103. "Receiving bank." Section 336.4A-103. "Security procedure." Section 336.4A-201. "Sender." Section 336.4A-103. (c) The following definitions in article 4 apply to this article: "Clearinghouse." Section 336.4-104. "Item." Section 336.4-104. "Suspends payments." Section 336.4-104. (d) In addition, sections 336.1-101 to 336.1-206 contain general definitions and principles of construction and interpretation applicable throughout this article.