C.R.S. Section 4-4.5-105
Other definitions

(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 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.

(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 4-1-201 (b)(8)).

(b)

Other definitions applying to this article and the sections in which they appear are:
“Acceptance”.
Section 4-4.5-209
“Beneficiary”.
Section 4-4.5-103
“Beneficiary’s bank”.
Section 4-4.5-103
“Executed”.
Section 4-4.5-301
“Execution date”.
Section 4-4.5-301
“Funds transfer”.
Section 4-4.5-104
“Funds-transfer system rule”.
Section 4-4.5-501
“Intermediary bank”.
Section 4-4.5-104
“Originator”.
Section 4-4.5-104
“Originator’s bank”.
Section 4-4.5-104
“Payment by beneficiary’s bank to beneficiary”.
Section 4-4.5-405
“Payment by originator to beneficiary”.
Section 4-4.5-406
“Payment by sender to receiving bank”.
Section 4-4.5-403
“Payment date”.
Section 4-4.5-401
“Payment order”.
Section 4-4.5-103
“Receiving bank”.
Section 4-4.5-103
“Security procedure”.
Section 4-4.5-201
“Sender”.
Section 4-4.5-103

(c)

The following definitions in article 4 of this title apply to this article:
“Clearing house”.
Section 4-4-104
“Item”.
Section 4-4-104
“Suspends payments”.
Section 4-4-104

(d)

In addition, article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.

Source: Section 4-4.5-105 — Other definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-04.­pdf (accessed Oct. 20, 2023).

4‑4.5‑101
Short title 4‑4.5‑102
Subject matter 4‑4.5‑103
Payment order - definitions 4‑4.5‑104
Funds transfer - definitions 4‑4.5‑105
Other definitions 4‑4.5‑106
Time payment order is received 4‑4.5‑107
Federal reserve regulations and operating circulars 4‑4.5‑108
Relationship to federal “Electronic Fund Transfer Act of 1978” 4‑4.5‑201
Security procedure 4‑4.5‑202
Authorized and verified payment orders 4‑4.5‑203
Unenforceability of certain verified payment orders 4‑4.5‑204
Refund of payment and duty of customer to report with respect to unauthorized payment order 4‑4.5‑205
Erroneous payment orders 4‑4.5‑206
Transmission of payment order through funds-transfer or other communication system 4‑4.5‑207
Misdescription of beneficiary 4‑4.5‑208
Misdescription of intermediary bank or beneficiary’s bank 4‑4.5‑209
Acceptance of payment order 4‑4.5‑210
Rejection of payment order 4‑4.5‑211
Cancellation and amendment of payment order 4‑4.5‑212
Liability and duty of receiving bank regarding unaccepted payment order 4‑4.5‑301
Execution and execution date 4‑4.5‑302
Obligations of receiving bank in execution of payment order 4‑4.5‑303
Erroneous execution of payment order 4‑4.5‑304
Duty of sender to report erroneously executed payment order 4‑4.5‑305
Liability for late or improper execution or failure to execute payment order 4‑4.5‑401
Payment date 4‑4.5‑402
Obligation of sender to pay receiving bank 4‑4.5‑403
Payment by sender to receiving bank 4‑4.5‑404
Obligation of beneficiary’s bank to pay and give notice to beneficiary 4‑4.5‑405
Payment by beneficiary’s bank to beneficiary 4‑4.5‑406
Payment by originator to beneficiary 4‑4.5‑501
Variation by agreement and effect of funds-transfer system rule 4‑4.5‑502
Creditor process served on receiving bank 4‑4.5‑503
Injunction or restraining order with respect to funds transfer 4‑4.5‑504
Order in which items and payment orders may be charged to account 4‑4.5‑505
Preclusions of objection to debit of customer’s account 4‑4.5‑506
Rate of interest 4‑4.5‑507
Choice of law
Green check means up to date. Up to date

Current through Fall 2024

§ 4-4.5-105’s source at colorado​.gov