Section 4--104. Definitions and Index of Definitions

(1) In this Article unless the context otherwise requires
         (a) "Account"  means  any  account  with  a  bank  and includes a
             checking, time, interest or savings account;
         (b) "Afternoon" means the  period  of  a  day  between  noon  and
             midnight;
         (c) "Banking  day"  means that part of any day on which a bank is
             open to the public for carrying on substantially all  of  its
             banking functions;
         (d) "Clearing  house"  means  any  association  of banks or other
             payors regularly clearing items;
         (e) "Customer" means any person having an account with a bank  or
             for  whom  a  bank has agreed to collect items and includes a
             bank carrying an account with another bank;
         (f) "Documentary draft" means any  negotiable  or  non-negotiable
             draft with accompanying documents, securities or other papers
             to be delivered against honor of the draft;
         (g) "Item"  means  any  instrument  for the payment of money even
             though it is not negotiable but does not include money;
         (h) "Midnight deadline" with respect to a bank is midnight on its
             next banking day  following  the  banking  day  on  which  it
             receives  the  relevant item or notice or from which the time
             for taking action commences to run, whichever is later;
         (i) "Obligated bank" means the acceptor of a certified check, the
             issuer of a cashier's check, or  the  drawer  of  a  teller's
             check;
         (j) "Properly  payable"  includes  the  availability of funds for
             payment at the time of decision to pay or dishonor;
         (k) "Remitter" means the buyer  from  the  obligated  bank  of  a
             cashier's  check  or  a  teller's  check, and the drawer of a
             certified check;
         (l) "Settle" means to pay in cash, by clearing house  settlement,
             in  a  charge  or  credit  or  by remittance, or otherwise as
             instructed. A settlement may be either provisional or final;
         (m) "Suspends payments" with respect to a bank means that it  has
             been  closed  by order of the supervisory authorities, that a
             public officer has been appointed to take it over or that  it
             ceases  or refuses to make payments in the ordinary course of
             business.
    (2) Other definitions applying to this Article  and  the  sections  in
  which they appear are:
 
       "Collecting bank"             Section 4--105.
       "Depositary bank"             Section 4--105.
       "Intermediary bank"           Section 4--105.
       "Payor bank"                  Section 4--105.
       "Presenting bank"             Section 4--105.
       "Remitting bank"              Section 4--105.
 
    (3) The following definitions in other Articles apply to this Article:
 
       "Acceptance"                  Section 3--410.
       "Certificate of deposit"      Section 3--104.
       "Certification"               Section 3--411.
       "Check"                       Section 3--104.
       "Draft"                       Section 3--104.
       "Holder in due course"        Section 3--302.
       "Notice of dishonor"          Section 3--508.
       "Presentment"                 Section 3--504.
       "Protest"                     Section 3--509.
       "Secondary party"             Section 3--102.
 
    (4)  In addition Article 1 contains general definitions and principles
  of construction and interpretation applicable throughout this Article.