Section 74A.1050 - Other definitions(1) As used in this chapter:(a) "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.(b) "Bank" means a financial institution, as defined in ORS 706.008. A branch or separate office of a bank is a separate bank for purposes of this chapter.(c) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.(d) "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.(e) "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.(f) "Prove" with respect to a fact means to meet the burden of establishing the fact.(2) Other definitions applying to this chapter and the sections in which they appear are: "Acceptance" | ORS 74A.2090 |
"Beneficiary" | ORS 74A.1030 |
"Beneficiary's bank" | ORS 74A.1030 |
"Executed" | ORS 74A.3010 |
"Execution date" | ORS 74A.3010 |
"Funds transfer" | ORS 74A.1040 |
"Funds-transfer system rule" | ORS 74A.5010 |
"Intermediary bank" | ORS 74A.1040 |
"Originator" | ORS 74A.1040 |
"Originator's bank" | ORS 74A.1040 |
"Payment by beneficiary's bank to beneficiary" | ORS 74A.4050 |
"Payment by originator tobeneficiary" | ORS 74A.4060 |
"Payment by sender to receiving bank" | ORS 74A.4030 |
"Payment date" | ORS 74A.4010 |
"Payment order" | ORS 74A.1030 |
"Receiving bank" | ORS 74A.1030 |
"Security procedure" | ORS 74A.2010 |
"Sender" | ORS 74A.1030 |
(3) The following definitions in ORS chapter 74 apply to this chapter and ORS 71.1010: "Clearing house" | ORS 74.1040 |
"Item" | ORS 74.1040 |
"Suspends payments" | ORS 74.1040 |
(4) In addition ORS chapter 71 contains general definitions and principles of construction and interpretation applicable throughout this chapter.1991 c.442 §5; 1997 c.631 §381; 2009 c. 181, § 46a