California Commercial Code 11105 – (a) In this division:(1) “Authorized account” means a …
(a) In this division:
(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.
Terms Used In California Commercial Code 11105
- Bank: means a person engaged in the business of banking, and includes a savings bank, savings and loan association, credit union, and trust company. See California Commercial Code 1201
- 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
- Branch: includes a separately incorporated foreign branch of a bank. See California Commercial Code 1201
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See California Commercial Code 1201
(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 division.
(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 under subdivision (8) of Section 1201.
(b) Other definitions applying to this division and the sections in which they appear are:
Acceptance: Section 11209.
Beneficiary: Section 11103.
Beneficiary’s bank: Section 11103.
Executed: Section 11301.
Execution date: Section 11301.
Funds transfer: Section 11104.
Funds-transfer system rule: Section 11501.
Intermediary bank: Section 11104.
Originator: Section 11104.
Originator’s bank: Section 11104.
Payment by beneficiary‘s bank to beneficiary: Section 11405.
Payment by originator to beneficiary: Section 11406.
Payment by sender to receiving bank: Section 11403.
Payment date: Section 11401.
Payment order: Section 11103.
Receiving bank: Section 11103.
Security procedure: Section 11201.
Sender: Section 11103.
(c) The following definitions in Division 4 (commencing with Section 4101) apply to this division:
Clearinghouse: Section 4104.
Item: Section 4104.
Suspends payments: Section 4104.
(d) In addition, Division 1 (commencing with Section 1101) contains general definitions and principles of construction and interpretation applicable throughout this division.
(Amended by Stats. 2006, Ch. 254, Sec. 73. Effective January 1, 2007.)