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(810 ILCS 5/4A-105) (from Ch. 26, par. 4A-105)
Sec. 4A-105. Other definitions.
(a) In this Article:
(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.
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(2) "Bank" means a person engaged in the business of
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| 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 Article.
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(3) "Customer" means a person, including a bank,
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| having an account with a bank or from whom a bank has agreed to receive payment orders.
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(4) "Funds transfer business day" of a receiving bank
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| 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.
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(5) "Funds transfer system" means a wire transfer
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| network, automated clearinghouse, 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.
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(6) "Good faith" means honesty in fact and the
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| observance of reasonable commercial standards of fair dealing.
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(7) "Prove" with respect to a fact means to meet the
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| burden of establishing the fact (Section 1-201(b)(8)).
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(b) Other definitions applying to this Article and the Sections in which
they appear are:
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"Acceptance" |
Section 4A-209 |
"Beneficiary" |
Section 4A-103 |
"Beneficiary's bank" |
Section 4A-103 |
"Executed" |
Section 4A-301 |
"Execution date" |
Section 4A-301 |
"Funds transfer" |
Section 4A-104 |
"Funds transfer system rule" |
Section 4A-501 |
"Intermediary bank" |
Section 4A-104 |
"Originator" |
Section 4A-104 |
"Originator's bank" |
Section 4A-104 |
"Payment by beneficiary's bank |
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to beneficiary" |
Section 4A-405 |
"Payment by originator to |
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beneficiary" |
Section 4A-406 |
"Payment by sender |
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to receiving bank" |
Section 4A-403 |
"Payment date" |
Section 4A-401 |
"Payment order" |
Section 4A-103 |
"Receiving bank" |
Section 4A-103 |
"Security procedure" |
Section 4A-201 |
"Sender" |
Section 4A-103 |
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(c) The following definitions in Article 4 apply to this Article:
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"Clearing house" | Section 4-104 | "Item" | Section 4-104 | "Suspends payments" | Section 4-104 |
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(d) In addition, Article 1 contains general definitions and principles of
construction and interpretation applicable throughout this Article.
(Source: P.A. 95-895, eff. 1-1-09.)
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