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4-4A-105. Other definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-4A-105. Other definitions.
(a) In this Chapter:
(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.
(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 clearinghouse, or other communication system of a clearinghouse 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 (§ 4-1-201(b)(8)).
(b) Other definitions applying to this chapter and the sections in which they appear are:
“Acceptance”. Section 4-4A-209.
“Beneficiary”. Section 4-4A-103.
“Beneficiary's bank”. Section 4-4A-103.
“Executed”. Section 4-4A-301.
“Execution date”. Section 4-4A-301.
“Funds transfer”. Section 4-4A-104.
“Funds-transfer system rule”. Section
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-4A-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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:4-4A-105
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 60f08403c809993c6fa1df1efef414541f4a6c6d97f861050c0e4fa118fc1f29
Source location: content.xml paragraph 6057
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4-4A-105. Other definitions.
(a) In this Chapter:
(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.
(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 clearinghouse, or other communication system of a clearinghouse 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 (§ 4-1-201(b)(8)).
(b) Other definitions applying to this chapter and the sections in which they appear are:
“Acceptance”. Section 4-4A-209.
“Beneficiary”. Section 4-4A-103.
“Beneficiary's bank”. Section 4-4A-103.
“Executed”. Section 4-4A-301.
“Execution date”. Section 4-4A-301.
“Funds transfer”. Section 4-4A-104.
“Funds-transfer system rule”. Section 4-4A-501.
“Intermediary bank”. Section 4-4A-104.
“Originator”. Section 4-4A-104.
“Originator's bank”. Section 4-4A-104.
“Payment by beneficiary's bank to beneficiary”. Section 4-4A-405.
“Payment by originator to beneficiary”. Section 4-4A-406.
“Payment by sender to receiving bank”. Section 4-4A-403.
“Payment date”. Section 4-4A-401.
“Payment order”. Section 4-4A-103.
“Receiving bank”. Section 4-4A-103.
“Security procedure”. Section 4-4A-201.
“Sender”. Section 4-4A-103.
(c) The following definitions in Chapter 4 apply to this chapter:
“Clearinghouse”. Section 4-4-104.
“Item”. Section 4-4-104.
“Suspends payments”. Section 4-4-104.
(d) In addition Chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
4-1-201. General definitions.
(a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other chapters of this subtitle that apply to particular chapters or parts thereof, have the meanings stated.
(b) Subject to definitions contained in other chapters of this subtitle that apply to particular chapters or parts thereof:
(1) “Action”, in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in equity, and any other proceedings in which rights are determined.
(2) “Aggrieved party” means a party entitled to pursue a remedy.
(3) “Agreement”, as distinguished from “contract”, means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in § 4-1-303.
(4) “Bank” means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company.
(5) “Bearer” means a person in control of a negotiable electronic document of title or a person in possession of a negotiable instrument, negotiable tangible document of title, or certificated security that is payable to bearer or indorsed in blank.
(6) “Bill of lading” means a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. The term does not include a warehouse receipt.
(7) “Branch” includes a separately incorporated foreign branch of a bank.
(8) “Burden of establishing” a fact means the burden of persuading the trier of fact that the existence of the fact is more probable than its nonexistence.
(9) “Buyer in ordi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-1-201
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 4-1-201. This identifies an authority to review, not proof of applicability.
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. The source passage cites 4-4-104. This identifies an authority to review, not proof of applicability.