South Carolina Code 36-4A-105. Other definitions
(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 South Carolina Code 36-4A-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
(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 chapter.
(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].
(7) "Prove" with respect to a fact means to meet the burden of establishing the fact (§ 36-1-201(b)(8)).
(b) Other definitions applying to this chapter and the sections in which they appear are:
"Acceptance"§ 36-4A-209 "Beneficiary"§ 36-4A-103 "Beneficiary’s bank"§ 36-4A-103 "Executed"§ 36-4A-301 "Execution date"§ 36-4A-301 "Funds transfer"§ 36-4A-104 "Funds-transfer system rule"§ 36-4A-501 "Intermediary bank"§ 36-4A-104 "Originator"§ 36-4A-104 "Originator’s bank"§ 36-4A-104 "Payment by beneficiary‘s bank to beneficiary"§ 36-4A-405 "Payment by originator to beneficiary"§ 36-4A-406 "Payment by sender to receiving bank"§ 36-4A-403 "Payment date"§ 36-4A-401 "Payment order"§ 36-4A-103 "Receiving bank"§ 36-4A-103 "Security procedure"§ 36-4A-201 "Sender"§ 36-4A-103
(c) The following definitions in Chapter 4 apply to this chapter:
"Clearing house"§ 36-4-104 "Item"§ 36-4-104 "Suspends payments"§ 36-4-104
(d) In addition, Chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.