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- Title 7. Commercial Code
- Article 4a. Funds Transfers
- Part 1. Subject Matter and Definitions
Ala. Code § 7-4A-105 (1975) Other Definitions
Library | Alabama Statutes |
Edition | 2023 |
Currency | Current with legislation from the 2023 Regular and Special Sessions. |
Year | 2023 |
Citation | Ala. Code § 7-4A-105 (1975) |
(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.
(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 article.
(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) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.
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