Terms Used In West Virginia Code > Chapter 46 > Article 4 > Part 3 - Collection of Items; Payor Banks

• Account: means any deposit or credit account with a bank, including demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See West Virginia Code 46-4-104
• 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 West Virginia Code 46-4-104
• 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. See West Virginia Code 46-4-104
• Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (section 8-102) or instructions for uncertificated securities (section 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. See West Virginia Code 46-4-104
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See West Virginia Code 46-4-104
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• Statute: A law passed by a legislature.