Ark. Code Ann. » Title 4 Chapter 04
Arkansas Code Annotated

Ark. Code Ann. § 4-4-104 (2020)

Definitions and index of definitions

✓ Arkansas Code release r76: Acts through about 2020 (2021-2025 sessions missing)
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  1. In this chapter, unless the context otherwise requires:
    1. “Account” means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account 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 the public for carrying on substantially all of its banking functions;
    4. “Clearinghouse” means an association of banks or other payors regularly clearing items;
    5. “Customer” means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;
    6. “Documentary draft” means a draft to be presented for acceptance or payment if specified documents, certificated securities (§ 4-8-102) or instructions for uncertificated securities (§ 4-8-102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;
    7. “Draft” means a draft as defined in § 4-3-104 or an item, other than an 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 handled by a bank for collection or payment. The term does not include a payment order governed by Chapter 4A of this subtitle or a credit or debit card slip;
    10. “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;
    11. “Settle” means to pay in cash, by clearinghouse settlement, in a charge or credit or by remittance, or otherwise as agreed. A settlement may be either provisional or final;
    12. “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 chapter and the sections in which they appear are:
  3. “Control” as provided in § 4-7-106 and the following definitions in other chapters of this subtitle apply to this chapter:
  4. In addition, Chapter 1 of this subtitle contains general definitions and principles of construction and interpretation applicable throughout this chapter.

“Agreement for electronic presentment”. Section 4-4-110.

[Reserved.]

“Collecting bank”. Section 4-4-105.

“Depositary bank”. Section 4-4-105.

“Intermediary bank”. Section 4-4-105.

“Payor bank”. Section 4-4-105.

“Presenting bank”. Section 4-4-105.

“Presentment notice”. Section 4-4-110.

“Acceptance”. Section 4-3-409.

“Alteration”. Section 4-3-407.

“Cashier's check”. Section 4-3-104.

“Certificate of deposit”. Section 4-3-104.

“Certified check”. Section 4-3-409.

“Check”. Section 4-3-104.

“Good faith”. Section 4-3-103.

“Holder in due course”. Section 4-3-302.

“Instrument”. Section 4-3-104.

“Notice of dishonor”. Section 4-3-503.

“Order”. Section 4-3-103.

“Ordinary care”. Section 4-3-103.

“Person entitled to enforce”. Section 4-3-301.

“Presentment”. Section 4-3-501.

“Promise”. Section 4-3-103.

“Prove”. Section 4-3-103.

“Record”. Section 4-3-103.

“Remotely-created item”. Section 4-3-103.

“Teller's check”. Section 4-3-104.

“Unauthorized signature”. Section 4-3-403.

History. Acts 1961, No. 185, § 4-104; reen. 1967, No. 303, § 12 (4-104); A.S.A. 1947, § 85-4-104; Acts 1991, No. 572, § 6; 1995, No. 425, § 4; 2005, No. 856, § 43; 2007, No. 342, § 23.

Case Notes

Customer.

Where the president of a corporate lessor and the lessee opened an account with the provision that checks on the account required signatures of both the president and his son-in-law who was the lessee, the president was a customer of the bank. First Nat'l Bank v. Hobbs, 248 Ark. 76, 450 S.W.2d 298 (1970).

Documentary Draft.

The drafts, which were written on the backs of envelopes and which were represented as containing car titles to be delivered against honor of the drafts, were documentary drafts. First State Bank v. Twin City Bank, 290 Ark. 399, 720 S.W.2d 295 (1986).

Cited: Citizens Bank v. Chitty, 285 Ark. 55, 684 S.W.2d 814 (1985); GMAC v. Union Bank & Trust Co., 329 F.3d 594 (8th Cir. 2003).

Notes of Decisions
Cited in 4 cases (1 in the last 5 years), 1992–2023 · leading case: Mercantile Bank of Arkansas v. Vowell, 117 S.W.3d 603 (Ark. Ct. App. 2003).
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Mercantile Bank of Arkansas v. Vowell, 117 S.W.3d 603 (Ark. Ct. App. 2003). · cites it 4× “See also Ark. Code Ann. § 4-4-104 (c) (Repl. 2001) (making definition in § 4-3-103(a)(7) applicable to chapter 4 of title 4); comment 4 of Uniform Commercial Code, Art.”
Gordon v. Planters & Merchants Bancshares, Inc., 832 S.W.2d 492 (Ark. 1992). “See § 4-4-104(j): “ ‘Settle’ means to pay in cash, by clearing house settlement, in a charge or credit or by remittance, or otherwise as instructed.”
Mcmillon v. Lost Cherokee of Arkansas & Missouri, Inc., 279 S.W.3d 508 (Ark. Ct. App. 2008). · cites it 4× “See Ark. Code Ann. § 4-4-104 (a)(l) (Supp. 2007).”
Wilkins v. Simmons Bank, No. 3:20-cv-00116, 2023 WL 1868142 (E.D. Ark. Feb. 9, 2023). “§ 4-4-104. After Simmons returns an Entry unpaid, the rules provide that the payment request may be “Reinitiated” two more times within 180 days.”
Ark. Code Ann. § 4-4-104(a)(1): 1 case
Mcmillon v. Lost Cherokee of Arkansas & Missouri, Inc., 279 S.W.3d 508 (Ark. Ct. App. 2008). “See Ark. Code Ann. § 4-4-104 (a)(l) (Supp. 2007).”
Ark. Code Ann. § 4-4-104(c): 1 case
Mercantile Bank of Arkansas v. Vowell, 117 S.W.3d 603 (Ark. Ct. App. 2003). “See also Ark. Code Ann. § 4-4-104 (c) (Repl. 2001) (making definition in § 4-3-103(a)(7) applicable to chapter 4 of title 4); comment 4 of Uniform Commercial Code, Art.”
Ark. Code Ann. § 4-4-104(j): 1 case
Gordon v. Planters & Merchants Bancshares, Inc., 832 S.W.2d 492 (Ark. 1992). “See § 4-4-104(j): “ ‘Settle’ means to pay in cash, by clearing house settlement, in a charge or credit or by remittance, or otherwise as instructed.”
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