Definitions.

CFR · 2024-01-01 · US · Title 12

As used in this part, and unless the context requires otherwise, the following terms have the meanings set forth in this section, and the terms not defined in this section have the meanings set forth in the Uniform Commercial Code: (a) (i) A demand deposit account, (ii) A negotiable order of withdrawal account, (iii) A share draft account, (iv) An automatic transfer account, or (v) Any other transaction account described in 12 CFR 204.2(e). (2) For purposes of subpart B of this part and, in connection therewith, this subpart A, (3) For purposes of subpart D of this part and, in connection therewith, this subpart A, (b) (c) (d) (e) (1) An (2) A (3) A (4) An (5) A (6) A (7) An (f) (g) (h) (i) (1) Drawn on a bank; (2) Signed by an officer or employee of the bank on behalf of the bank as drawer; (3) A direct obligation of the bank; and (4) Provided to a customer of the bank or acquired from the bank for remittance purposes. (j) (1) (i) The signature of the drawer on the check is genuine; and (ii) The bank has set aside funds that— (A) Are equal to the amount of the check, and (B) Will be used to pay the check; or (2) The bank will pay the check upon presentment. (k) (1) A negotiable demand draft drawn on or payable through or at an office of a bank; (2) A negotiable demand draft drawn on a Federal Reserve Bank or a Federal Home Loan Bank; (3) A negotiable demand draft drawn on the Treasury of the United States; (4) A demand draft drawn on a state government or unit of general loc

official document · source cfr-2024 · id 12:§ 229.2