Browse Arkansas Code titles and sections
4-4-104. Definitions and index of definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-4-104. Definitions and index of definitions.
(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) “Clearinghouse” 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 (§ 4-8-102) or instructions for uncertificated securities (§ 4-8-102), 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 § 4-3-104 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 of this subtitle 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 c
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-4-104
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:4-4-104
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 165c078d7692234cec126cda8bf53042460d126f44a56f5559b502a0aee86248
Source location: content.xml paragraph 5320
Stored source content
4-4-104. Definitions and index of definitions.
(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) “Clearinghouse” 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 (§ 4-8-102) or instructions for uncertificated securities (§ 4-8-102), 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 § 4-3-104 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 of this subtitle 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 clearinghouse 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”. Section 4-4-110.
[Reserved.]
“Collecting bank”. Section 4-4-105.
“Depositary bank”. Section 4-4-105.
“Intermediary bank”. Section 4-4-105.
“Payor bank”. Section 4-4-105.
“Presenting bank”. Section 4-4-105.
“Presentment notice”. Section 4-4-110.
(c) “Control” as provided in § 4-7-106 and the following definitions in other chapters of this subtitle apply to this chapter:
“Acceptance”. Section 4-3-409.
“Alteration”. Section 4-3-407.
“Cashier's check”. Section 4-3-104.
“Certificate of deposit”. Section 4-3-104.
“Certified check”. Section 4-3-409.
“Check”. Section 4-3-104.
“Good faith”. Section 4-3-103.
“Holder in due course”. Section 4-3-302.
“Instrument”. Section 4-3-104.
“Notice of dishonor”. Section 4-3-503.
“Order”. Section 4-3-103.
“Ordinary care”. Section 4-3-103.
“Person entitled to enforce”. Section 4-3-301.
“Presentment”. Section 4-3-501.
“Promise”. Section 4-3-103.
“Prove”. Section 4-3-103.
“Record”. Section 4-3-103.
“Remotely-created item”. Section 4-3-103.
“Teller's check”. Section 4-3-104.
“Unauthorized signature”. Section 4-3-403.
(d) In addition, Chapter 1 of this subtitle contains general definitions and principles of construction and interpretation applicable throughout this chapter.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-3-104. Negotiable instrument.
(a) Except as provided in subsections (c) and (d), “negotiable instrument” means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it:
(1) is payable to bearer or to order at the time it is issued or first comes into possession of a holder;
(2) is payable on demand or at a definite time; and
(3) does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money, but the promise or order may contain (i) an undertaking or power to give, maintain, or protect collateral to secure payment, (ii) an authorization or power to the holder to confess judgment or realize on or dispose of collateral, or (iii) a waiver of the benefit of any law intended for the advantage or protection of an obligor.
(b) “Instrument” means a negotiable instrument.
(c) An order that meets all of the requirements of subsection (a), except paragraph (1), and otherwise falls within the definition of “check” in subsection (f) is a negotiable instrument and a check.
(d) A promise or order other than a check is not an instrument if, at the time it is issued or first comes into possession of a holder, it contains a conspicuous statement, however expressed, to the effect that the promise or order is not negotiable or is not an instrument governed by this chapter.
(e) An instrument is a “note” if it is a promise and is a “draft” if it is an order. If an instrument falls within the definition of both “note” and “draft,” a person entitled to enforce the instrument may treat it as either.
(f) “Check” means (i) a draft, other than a documentary draft, payable on demand and drawn on a bank or (i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-3-104
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-3-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-4-105. Definitions of types of banks.
In this chapter:
(1) “Bank” means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company;
(2) “Depositary bank” means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter;
(3) “Payor bank” means a bank that is the drawee of a draft;
(4) “Intermediary bank” means a bank to which an item is transferred in course of collection except the depositary or payor bank;
(5) “Collecting bank” means a bank handling an item for collection except the payor bank;
(6) “Presenting bank” means a bank presenting an item except a payor bank.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-4-105
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-4-105. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-4-110. Electronic presentment.
(a) “Agreement for electronic presentment” means an agreement, clearinghouse rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (“presentment notice”) rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor, and other matters concerning items subject to the agreement.
(b) Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.
(c) If presentment is made by presentment notice, a reference to “item” or “check” in this chapter means the presentment notice unless the context otherwise indicates.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-4-110
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-4-110. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-8-102. Definitions.
(a) In this Chapter:
(1) “Adverse claim” means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset.
(2) “Bearer form,” as applied to a certificated security, means a form in which the security is payable to the bearer of the security certificate according to its terms but not by reason of an indorsement.
(3) “Broker” means a person defined as a broker or dealer under the federal securities laws, but without excluding a bank acting in that capacity.
(4) “Certificated security” means a security that is represented by a certificate.
(5) “Clearing corporation” means:
(i) a person that is registered as a “clearing agency” under the federal securities laws;
(ii) a federal reserve bank; or
(iii) any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a federal or state governmental authority.
(6) “Communicate” means to:
(i) send a signed writing; or
(ii) transmit information by any mechanism agreed upon by the persons transmitting and receiving the information.
(7) “Entitlement holder” means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of § 4-8-501(b)(2) or (3), that person is the entitlement holder.
(8) “Entitlement order” means a no
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-8-102
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 4-8-102. This identifies an authority to review, not proof of applicability.