Michigan Compiled Laws
174-1962-4A-1 - Part 1 Subject Matters and Definitions (440.4601...440.4608)
Section 440.4605 - Definitions; Sections Where Other Definitions Appear.

Sec. 4A105.
(1) As used in this article:
(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 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.
(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 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.
(f) "Prove" with respect to a fact means to meet the burden of establishing the fact as defined in section 1201(2)(h).
(2) Other definitions applying to this article and the sections in which they appear are as follows:

History: Add. 1992, Act 100, Imd. Eff. June 25, 1992 ;-- Am. 2012, Act 86, Eff. July 1, 2013

Structure Michigan Compiled Laws