Texas Business & Commerce Code
§ 4A.105 — OTHER DEFINITIONS
BC § 4A.105Title 1. UNIFORM COMMERCIAL CODE · Ch. 4A. FUNDS TRANSFERS · Art. A. SUBJECT MATTER AND DEFINITIONS
Statute text
View on source(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.
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Legislative history
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff. Sept. 1, 1993. Amended by Acts 2003, 78th Leg., ch. 542, Sec. 13, eff. Sept. 1, 2003.