(810 ILCS 5/4A-105)
(from Ch. 26, par. 4A-105)
(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 clearinghouse, 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.
(7) "Prove" with respect to a fact means to meet the
burden of establishing the fact (Section 1-201(b)(8)).
(b) Other definitions applying to this Article and the Sections in which
they appear are:
"Funds transfer system rule"
"Payment by beneficiary's bank
"Payment by originator to
"Payment by sender
to receiving bank"
(c) The following definitions in Article 4 apply to this Article:
(d) In addition, Article 1 contains general definitions and principles of
construction and interpretation applicable throughout this Article.
(Source: P.A. 95-895, eff. 1-1-09.)