(a) In this article:

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(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 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 clearing house or other communication system of a clearing house 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]; and

(7)     “prove” with respect to a fact means to meet the burden of establishing the fact (Paragraph (8) of Subsection (b) of Section 55-1-201 N.M. Stat. Ann.).

(b) Other definitions applying to this article and the sections in which they appear are:

“acceptance”                                            Section 55-4A-209 N.M. Stat. Ann.; “beneficiary”                                             Section 55-4A-103 N.M. Stat. Ann.; “beneficiary’s bank”                                 Section 55-4A-103 N.M. Stat. Ann.; “executed”                                                Section 55-4A-301 N.M. Stat. Ann.; “execution date”                                     Section 55-4A-301 N.M. Stat. Ann.; “funds transfer”                                        Section 55-4A-104 N.M. Stat. Ann.; “funds-transfer system rule”                     Section 55-4A-501 N.M. Stat. Ann.; “intermediary bank”                                 Section 55-4A-104 N.M. Stat. Ann.; “originator”                                             Section 55-4A-104 N.M. Stat. Ann.; “originator’s bank”                                    Section 55-4A-104 N.M. Stat. Ann.;

“payment by beneficiary‘s bank to beneficiary”                                             Section 55-4A-405 N.M. Stat. Ann.;

“payment by originator to beneficiary”     Section 55-4A-406 N.M. Stat. Ann.; “payment by sender to receiving bank” Section 55-4A-403 N.M. Stat. Ann.; “payment date”                                        Section 55-4A-401 N.M. Stat. Ann.; “payment order”                                     Section 55-4A-103 N.M. Stat. Ann.; “receiving bank”                                     Section 55-4A-103 N.M. Stat. Ann.; “security procedure”                                 Section 55-4A-201 N.M. Stat. Ann.; and “sender”                                                 Section 55-4A-103 N.M. Stat. Ann..

(c) The following definitions in N.M. Stat. Ann. Chapter 55, Article 4 apply to this article:

“clearing house”                                     Section 55-4-104 N.M. Stat. Ann.; “item”                                                     Section 55-4-104 N.M. Stat. Ann.; and “suspends payments”                             Section 55-4-104 N.M. Stat. Ann..

(d) In addition, N.M. Stat. Ann. Chapter 55, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.