(a) In this title, unless the context otherwise requires:
(1) "Account" means any deposit or credit account with a bank includingdemand, time savings passbook, share draft, or like account, other than anaccount evidenced by a certificate of deposit;
(2) "Afternoon" means the period of a day between noon and midnight;
(3) "Banking day" means the part of a day on which a bank is open to thepublic for carrying on substantially all of its banking functions, but shallnot include Saturday, Sunday or a legal holiday;
(4) "Clearing house" means an association of banks or other payorsregularly clearing items;
(5) "Customer" means a person having an account with a bank or for whom abank has agreed to collect items, including a bank that maintains an accountat another bank;
(6) "Documentary draft" means any negotiable or nonnegotiable draft withaccompanying documents, securities or other papers to be delivered againsthonor of the draft; or a draft to be presented for acceptance or payment ifspecified documents, certificated securities (§ 8.8A-102) or instructions foruncertified securities (§ 8.8A-102), or other certificates, statements, orthe like are to be received by the drawee or other payor before acceptance orpayment of the draft;
(7) "Draft" means a draft as defined in § 8.3A-104 or an item, other thanan instrument, that is an order;
(8) "Drawee" means a person ordered in a draft to make payment;
(9) "Item" means an instrument or a promise or order to pay money handledby a bank for collection or payment. The term does not include a paymentorder governed by Article 4A or a credit or debit card slip;
(10) "Midnight deadline" with respect to a bank is midnight on its nextbanking day following the banking day on which it receives the relevant itemor notice or from which the time for taking action commences to run,whichever is later;
(11) "Settle" means to pay in cash, by clearing-house settlement, in acharge or credit or by remittance, or otherwise as agreed. A settlement maybe either provisional or final;
(12) "Suspends payments" with respect to a bank means that it has beenclosed by order of the supervisory authorities, that a public officer hasbeen appointed to take it over or that it ceases or refuses to make paymentsin the ordinary course of business.
(b) Other definitions applying to this title and the sections in which theyappear are:
"Agreement for electronic presentment" § 8.4-110.
"Bank" § 8.4-105.
"Collecting bank" § 8.4-105.
"Depositary bank" § 8.4-105.
"Intermediary bank" § 8.4-105.
"Payor bank" § 8.4-105.
"Presenting bank" § 8.4-105.
"Presentment notice" § 8.4-110.
(c) The following definitions in other titles apply to this title:
"Acceptance" § 8.3A-409.
"Alteration" § 8.3A-407.
"Cashier's check" § 8.3A-104.
"Certificate of deposit" § 8.3A-104.
"Certified check" § 8.3A-409.
"Check" § 8.3A-104.
"Control" § 8.7-106.
"Draft" § 8.3A-104.
"Good faith" § 8.3A-103.
"Holder in due course" § 8.3A-302.
"Instrument" § 8.3A-104.
"Notice of dishonor" § 8.3A-503.
"Order" § 8.3A-103.
"Ordinary care" § 8.3A-103.
"Person entitled to enforce" § 8.3A-301.
"Presentment" § 8.3A-501.
"Promise" § 8.3A-103.
"Prove" § 8.3A-103.
"Teller's check" § 8.3A-104.
"Unauthorized signature" § 8.3A-403.
(d) In addition Title 8.1A contains general definitions and principles ofconstruction and interpretation applicable throughout this title.
(1964, c. 219; 1976, c. 118; 1992, c. 693; 1996, c. 216; 2003, c. 353; 2004,c. 200.)
(a) In this title, unless the context otherwise requires:
(1) "Account" means any deposit or credit account with a bank includingdemand, time savings passbook, share draft, or like account, other than anaccount evidenced by a certificate of deposit;
(2) "Afternoon" means the period of a day between noon and midnight;
(3) "Banking day" means the part of a day on which a bank is open to thepublic for carrying on substantially all of its banking functions, but shallnot include Saturday, Sunday or a legal holiday;
(4) "Clearing house" means an association of banks or other payorsregularly clearing items;
(5) "Customer" means a person having an account with a bank or for whom abank has agreed to collect items, including a bank that maintains an accountat another bank;
(6) "Documentary draft" means any negotiable or nonnegotiable draft withaccompanying documents, securities or other papers to be delivered againsthonor of the draft; or a draft to be presented for acceptance or payment ifspecified documents, certificated securities (§ 8.8A-102) or instructions foruncertified securities (§ 8.8A-102), or other certificates, statements, orthe like are to be received by the drawee or other payor before acceptance orpayment of the draft;
(7) "Draft" means a draft as defined in § 8.3A-104 or an item, other thanan instrument, that is an order;
(8) "Drawee" means a person ordered in a draft to make payment;
(9) "Item" means an instrument or a promise or order to pay money handledby a bank for collection or payment. The term does not include a paymentorder governed by Article 4A or a credit or debit card slip;
(10) "Midnight deadline" with respect to a bank is midnight on its nextbanking day following the banking day on which it receives the relevant itemor notice or from which the time for taking action commences to run,whichever is later;
(11) "Settle" means to pay in cash, by clearing-house settlement, in acharge or credit or by remittance, or otherwise as agreed. A settlement maybe either provisional or final;
(12) "Suspends payments" with respect to a bank means that it has beenclosed by order of the supervisory authorities, that a public officer hasbeen appointed to take it over or that it ceases or refuses to make paymentsin the ordinary course of business.
(b) Other definitions applying to this title and the sections in which theyappear are:
"Agreement for electronic presentment" § 8.4-110.
"Bank" § 8.4-105.
"Collecting bank" § 8.4-105.
"Depositary bank" § 8.4-105.
"Intermediary bank" § 8.4-105.
"Payor bank" § 8.4-105.
"Presenting bank" § 8.4-105.
"Presentment notice" § 8.4-110.
(c) The following definitions in other titles apply to this title:
"Acceptance" § 8.3A-409.
"Alteration" § 8.3A-407.
"Cashier's check" § 8.3A-104.
"Certificate of deposit" § 8.3A-104.
"Certified check" § 8.3A-409.
"Check" § 8.3A-104.
"Control" § 8.7-106.
"Draft" § 8.3A-104.
"Good faith" § 8.3A-103.
"Holder in due course" § 8.3A-302.
"Instrument" § 8.3A-104.
"Notice of dishonor" § 8.3A-503.
"Order" § 8.3A-103.
"Ordinary care" § 8.3A-103.
"Person entitled to enforce" § 8.3A-301.
"Presentment" § 8.3A-501.
"Promise" § 8.3A-103.
"Prove" § 8.3A-103.
"Teller's check" § 8.3A-104.
"Unauthorized signature" § 8.3A-403.
(d) In addition Title 8.1A contains general definitions and principles ofconstruction and interpretation applicable throughout this title.
(1964, c. 219; 1976, c. 118; 1992, c. 693; 1996, c. 216; 2003, c. 353; 2004,c. 200.)
(a) In this title, unless the context otherwise requires:
(1) "Account" means any deposit or credit account with a bank includingdemand, time savings passbook, share draft, or like account, other than anaccount evidenced by a certificate of deposit;
(2) "Afternoon" means the period of a day between noon and midnight;
(3) "Banking day" means the part of a day on which a bank is open to thepublic for carrying on substantially all of its banking functions, but shallnot include Saturday, Sunday or a legal holiday;
(4) "Clearing house" means an association of banks or other payorsregularly clearing items;
(5) "Customer" means a person having an account with a bank or for whom abank has agreed to collect items, including a bank that maintains an accountat another bank;
(6) "Documentary draft" means any negotiable or nonnegotiable draft withaccompanying documents, securities or other papers to be delivered againsthonor of the draft; or a draft to be presented for acceptance or payment ifspecified documents, certificated securities (§ 8.8A-102) or instructions foruncertified securities (§ 8.8A-102), or other certificates, statements, orthe like are to be received by the drawee or other payor before acceptance orpayment of the draft;
(7) "Draft" means a draft as defined in § 8.3A-104 or an item, other thanan instrument, that is an order;
(8) "Drawee" means a person ordered in a draft to make payment;
(9) "Item" means an instrument or a promise or order to pay money handledby a bank for collection or payment. The term does not include a paymentorder governed by Article 4A or a credit or debit card slip;
(10) "Midnight deadline" with respect to a bank is midnight on its nextbanking day following the banking day on which it receives the relevant itemor notice or from which the time for taking action commences to run,whichever is later;
(11) "Settle" means to pay in cash, by clearing-house settlement, in acharge or credit or by remittance, or otherwise as agreed. A settlement maybe either provisional or final;
(12) "Suspends payments" with respect to a bank means that it has beenclosed by order of the supervisory authorities, that a public officer hasbeen appointed to take it over or that it ceases or refuses to make paymentsin the ordinary course of business.
(b) Other definitions applying to this title and the sections in which theyappear are:
"Agreement for electronic presentment" § 8.4-110.
"Bank" § 8.4-105.
"Collecting bank" § 8.4-105.
"Depositary bank" § 8.4-105.
"Intermediary bank" § 8.4-105.
"Payor bank" § 8.4-105.
"Presenting bank" § 8.4-105.
"Presentment notice" § 8.4-110.
(c) The following definitions in other titles apply to this title:
"Acceptance" § 8.3A-409.
"Alteration" § 8.3A-407.
"Cashier's check" § 8.3A-104.
"Certificate of deposit" § 8.3A-104.
"Certified check" § 8.3A-409.
"Check" § 8.3A-104.
"Control" § 8.7-106.
"Draft" § 8.3A-104.
"Good faith" § 8.3A-103.
"Holder in due course" § 8.3A-302.
"Instrument" § 8.3A-104.
"Notice of dishonor" § 8.3A-503.
"Order" § 8.3A-103.
"Ordinary care" § 8.3A-103.
"Person entitled to enforce" § 8.3A-301.
"Presentment" § 8.3A-501.
"Promise" § 8.3A-103.
"Prove" § 8.3A-103.
"Teller's check" § 8.3A-104.
"Unauthorized signature" § 8.3A-403.
(d) In addition Title 8.1A contains general definitions and principles ofconstruction and interpretation applicable throughout this title.
(1964, c. 219; 1976, c. 118; 1992, c. 693; 1996, c. 216; 2003, c. 353; 2004,c. 200.)
