New Jersey Statutes 12A:4-104. Definitions and index of definitions
Terms Used In New Jersey Statutes 12A:4-104
- Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See New Jersey Statutes 12A:4-104
- Bank: means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company. See New Jersey Statutes 12A:4-105
- Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See New Jersey Statutes 12A:4-104
- Draft: means a draft as defined in 12A:3-104 or an item, other than an instrument, that is an order. See New Jersey Statutes 12A:4-104
- Drawee: means a person ordered in a draft to make payment. See New Jersey Statutes 12A:4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See New Jersey Statutes 12A:4-104
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
a. In this chapter, unless the context otherwise requires:
(1) “Account” means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;
(2) “Afternoon” means the period of a day between noon and midnight;
(3) “Banking day” means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;
(4) “Clearing house” means an association of banks or other payors regularly clearing items;
(5) “Customer” means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;
(6) “Documentary draft” means a draft to be presented for acceptance or payment if specified documents, certificated securities (12A:8-102) or instructions for uncertificated securities (12A:8-102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;
(7) “Draft” means a draft as defined in 12A:3-104 or an item, other than an instrument, that is an order;
(8) “Drawee” means a person ordered in a draft to make payment;
(9) “Item” means an instrument or a promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by chapter 4A or a credit or debit card slip;
(10) “Midnight deadline” with respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later;
(11) “Settle” means to pay in cash, by clearing-house settlement, in a charge or credit or by remittance, or otherwise as agreed. A settlement may be either provisional or final;
(12) “Suspends payments” with respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over or that it ceases or refuses to make payments in the ordinary course of business.
b. Other definitions applying to this chapter and the sections in which they appear are:
“Agreement for electronic presentment” 12A:4-110.
“Bank” 12A:4-105.
“Collecting bank” 12A:4-105.
“Depositary bank” 12A:4-105.
“Intermediary bank” 12A:4-105.
“Payor bank” 12A:4-105.
“Presenting bank” 12A:4-105.
“Presentment notice” 12A:4-110.
c. The following definitions in other chapters apply to this chapter:
“Acceptance” 12A:3-409.
“Alteration” 12A:3-407.
“Cashier’s check” 12A:3-104.
“Certificate of deposit” 12A:3-104.
“Certified check” 12A:3-409.
“Check” 12A:3-104.
“Control” 12A:7-106.
“Good faith” 12A:3-103.
“Holder in due course” 12A:3-302.
“Instrument” 12A:3-104.
“Notice of dishonor” 12A:3-503.
“Order” 12A:3-103.
“Ordinary care” 12A:3-103.
“Person entitled to enforce” 12A:3-301.
“Presentment” 12A:3-501.
“Promise” 12A:3-103.
“Prove” 12A:3-103.
“Teller’s check” 12A:3-104.
“Unauthorized signature” 12A:3-403.
d. In addition chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.
amended 1997, c.252, s.18; 2013, c.65, s.45.