                                 CODE OF VIRGINIA

OTHER DEFINITIONS (§ 8.4A-105)

a. In this title:

   1. &#8220;Authorized account&#8221; means a deposit account of a customer in a
   bank designated by the customer as a source of payment orders issued by the
   customer to the bank. If a customer does 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. &#8220;Bank&#8221; 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 title.

   3. &#8220;Customer&#8221; means a person, including a bank, having an account
   with a bank or from whom a bank has agreed to receive payment orders.

   4. &#8220;Funds-transfer business day&#8221; 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. &#8220;Funds-transfer system&#8221; 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. &#8220;Good faith&#8221; means honesty in fact and the observance of
   reasonable commercial standards of fair dealing.

   7. &#8220;Prove&#8221; with respect to a fact means to meet the burden of
   establishing the fact as provided in &#xA7; 8.1A-201(b)(8).

b. Other definitions applying to this title and the sections in which they
appear are:
			&#8220;Acceptance&#8221;&#xA7; 8.4A-209.
			&#8220;Beneficiary&#8221;&#xA7; 8.4A-103.
			&#8220;Beneficiary&#8217;s bank&#8221;&#xA7; 8.4A-103.
			&#8220;Executed&#8221;&#xA7; 8.4A-301.
			&#8220;Execution date&#8221;&#xA7; 8.4A-301.
			&#8220;Funds transfer&#8221;&#xA7; 8.4A-104.
			&#8220;Funds-transfer system rule&#8221;&#xA7; 8.4A-501.
			&#8220;Intermediary bank&#8221;&#xA7; 8.4A-104.
			&#8220;Originator&#8221;&#xA7; 8.4A-104.
			&#8220;Originator&#8217;s bank&#8221;&#xA7; 8.4A-104.
			&#8220;Payment by beneficiary&#8217;s bank to beneficiary&#8221;&#xA7;
8.4A-405.
			&#8220;Payment by originator to beneficiary&#8221;&#xA7; 8.4A-406.
			&#8220;Payment by sender to receiving bank&#8221;&#xA7; 8.4A-403.
			&#8220;Payment date&#8221;&#xA7; 8.4A-401.
			&#8220;Payment order&#8221;&#xA7; 8.4A-103.
			&#8220;Receiving bank&#8221;&#xA7; 8.4A-103.
			&#8220;Security procedure&#8221;&#xA7; 8.4A-201.
			&#8220;Sender&#8221;&#xA7; 8.4A-103.

c. The following definitions in Title 8.4 apply to this title:
			&#8220;Clearinghouse&#8221;&#xA7; 8.4-104.
			&#8220;Item&#8221;&#xA7; 8.4-104.
			&#8220;Suspends payments&#8221;&#xA7; 8.4-104.

d. In addition, Title 8.1A contains general definitions and principles of
construction and interpretation applicable throughout this title.

HISTORY: 1990, c. 9; 2003, c. 353.