Kentucky Statutes 355.4A-105 – Other definitions
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(1) In this article:
(a) “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;
(b) “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;
(c) “Customer” means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders;
(d) “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;
(e) “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; and
(f) (Reserved)
(g) “Prove” with respect to a fact means to meet the burden of establishing the fact, as defined in KRS § 355.1-201(2).
(2) Other definitions applying to this article and the sections of this article in which they appear are:
(a) “Acceptance.” KRS § 355.4A-209; (b) “Beneficiary.” KRS § 355.4A-103;
(c) “Beneficiary’s bank.” KRS § 355.4A-103; (d) “Executed.” KRS § 355.4A-301;
(e) “Execution date.” KRS § 355.4A-301; (f) “Funds transfer.” KRS § 355.4A-104;
(g) “Funds-transfer system rule.” KRS § 355.4A-501; (h) “Intermediary bank.” KRS § 355.4A-104;
(i) “Originator.” KRS § 355.4A-104;
(j) “Originator’s bank.” KRS § 355.4A-104;
(k) “Payment by beneficiary‘s bank to beneficiary.” KRS § 355.4A-405; (l) “Payment by originator to beneficiary.” KRS § 355.4A-406;
(m) “Payment by sender to receiving bank.” KRS § 355.4A-403;
(n) “Payment date.” KRS § 355.4A-401; (o) “Payment order.” KRS § 355.4A-103; (p) “Receiving bank.” KRS § 355.4A-103;
(q) “Security procedure.” KRS § 355.4A-201; and
(r) “Sender.” KRS § 355.4A-103.
(3) The following definitions in Article 4 of KRS Chapter 355 apply to this article: (a) “Clearing house.” KRS § 355.4-104;
(b) “Item.” KRS § 355.4-104; and
(c) “Suspends payments.” KRS § 355.4-104.
(4) In addition, Article 1 of KRS Chapter 355 contains general definitions and principles of construction and interpretation applicable throughout this article.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 242, sec. 52, effective July 12, 2006. — Created
1992 Ky. Acts ch. 116, sec. 28, effective July 14, 1992.
Legislative Research Commission Note (7/12/2006). Under the authority of KRS
7.136(1), the Reviser of Statutes has added paragraph headings [(a), (b), etc.] before terms referenced in subsections (2) and (3) of this statute that are defined in other statutes. The words in the text were not changed.
(a) “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 Kentucky Statutes 355.4A-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
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
(b) “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;
(c) “Customer” means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders;
(d) “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;
(e) “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; and
(f) (Reserved)
(g) “Prove” with respect to a fact means to meet the burden of establishing the fact, as defined in KRS § 355.1-201(2).
(2) Other definitions applying to this article and the sections of this article in which they appear are:
(a) “Acceptance.” KRS § 355.4A-209; (b) “Beneficiary.” KRS § 355.4A-103;
(c) “Beneficiary’s bank.” KRS § 355.4A-103; (d) “Executed.” KRS § 355.4A-301;
(e) “Execution date.” KRS § 355.4A-301; (f) “Funds transfer.” KRS § 355.4A-104;
(g) “Funds-transfer system rule.” KRS § 355.4A-501; (h) “Intermediary bank.” KRS § 355.4A-104;
(i) “Originator.” KRS § 355.4A-104;
(j) “Originator’s bank.” KRS § 355.4A-104;
(k) “Payment by beneficiary‘s bank to beneficiary.” KRS § 355.4A-405; (l) “Payment by originator to beneficiary.” KRS § 355.4A-406;
(m) “Payment by sender to receiving bank.” KRS § 355.4A-403;
(n) “Payment date.” KRS § 355.4A-401; (o) “Payment order.” KRS § 355.4A-103; (p) “Receiving bank.” KRS § 355.4A-103;
(q) “Security procedure.” KRS § 355.4A-201; and
(r) “Sender.” KRS § 355.4A-103.
(3) The following definitions in Article 4 of KRS Chapter 355 apply to this article: (a) “Clearing house.” KRS § 355.4-104;
(b) “Item.” KRS § 355.4-104; and
(c) “Suspends payments.” KRS § 355.4-104.
(4) In addition, Article 1 of KRS Chapter 355 contains general definitions and principles of construction and interpretation applicable throughout this article.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 242, sec. 52, effective July 12, 2006. — Created
1992 Ky. Acts ch. 116, sec. 28, effective July 14, 1992.
Legislative Research Commission Note (7/12/2006). Under the authority of KRS
7.136(1), the Reviser of Statutes has added paragraph headings [(a), (b), etc.] before terms referenced in subsections (2) and (3) of this statute that are defined in other statutes. The words in the text were not changed.