188

LAWS OF MARYLAND

[Ch. 49

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) "Property payable" includes the
availability of funds for payment at the time of decision
to pay or dishonor;

(j) "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;

(k) "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 [subtitle]
TITLE and the sections in which they appear are:

"Collecting bank." § 4-105.
"Depositary bank." § 4-105.
"Intermediary bank." § 4—105.
"Payor bank." § 4-105.