§ 3-901. Definitions.

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§ 3-901. Definitions.

   (A) The following definitions shall apply to the Trust Accounts and Blanket Bonds Rules:

   (1) "Financial Institution" includes any state or federally chartered bank, savings bank, savings and loan association, or building and loan association insured by the Federal Deposit Insurance Corporation or any federal credit union that particiapates in the National Credit Union Administration Share Insurance fund.

   (2) "Properly payable" refers to an instrument which, if presented in the normal course of business, is in a form requiring payment under the laws of this jurisdiction.

   (3) "Notice of dishonor" refers to the notice which a financial institution is required to give, under the laws of this jurisdiction, upon presentation of an instrument which the institution dishonors.

§ 3-901(A)(1) amended December 16. 2015.