Section 34.1-3-103 - Definitions(a) In this article: (i) "Acceptor" means a drawee who has accepted a draft;(ii) "Drawee" means a person ordered in a draft to make payment;(iii) "Drawer" means a person who signs or is identified in a draft as a person ordering payment;(v) "Maker" means a person who signs or is identified in a note as a person undertaking to pay;(vi) "Order" means a written instruction to pay money signed by the person giving the instruction. The instruction may be addressed to any person, including the person giving the instruction, or to one (1) or more persons jointly or in the alternative but not in succession. An authorization to pay is not an order unless the person authorized to pay is also instructed to pay;(vii) "Ordinary care" in the case of a person engaged in business means observance of reasonable commercial standards, prevailing in the area in which the person is located, with respect to the business in which the person is engaged. In the case of a bank that takes an instrument for processing for collection or payment by automated means, reasonable commercial standards do not require the bank to examine the instrument if the failure to examine does not violate the bank's prescribed procedures and the bank's procedures do not vary unreasonably from general banking usage not disapproved by this article or article 4;(viii) "Party" means a party to an instrument;(ix) "Promise" means a written undertaking to pay money signed by the person undertaking to pay. An acknowledgment of an obligation by the obligor is not a promise unless the obligor also undertakes to pay the obligation;(x) "Prove" with respect to a fact means to meet the burden of establishing the fact (section 34.1-1-201(b)(viii)) ;(xi) "Remitter" means a person who purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser.(b) Other definitions applying to this article and the sections in which they appear are: "Acceptance" | Section 34.1-3-409 |
"Accommodated party" | Section 34.1-3-419 |
"Accommodation party" | Section 34.1-3-419 |
"Alteration" | Section 34.1-3-407 |
"Anomalous indorsement" | Section 34.1-3-205 |
"Blank indorsement" | Section 34.1-3-205 |
"Cashier's check" | Section 34.1-3-104 |
"Certificate of deposit" | Section 34.1-3-104 |
"Certified check" | Section 34.1-3-409 |
"Check" | Section 34.1-3-104 |
"Consideration" | Section 34.1-3-303 |
"Deposited instrument" | Section 34.1-3-901 |
"Draft" | Section 34.1-3-104 |
"Having control" | Section 34.1-3-901 |
"Holder in due course" | Section 34.1-3-302 |
"Incomplete instrument" | Section 34.1-3-115 |
"Indorsement" | Section 34.1-3-204 |
"Indorser" | Section 34.1-3-204 |
"Instrument" | Section 34.1-3-104 |
"Issue" | Section 34.1-3-105 |
"Issuer" | Section 34.1-3-105 |
"Negotiable instrument" | Section 34.1-3-104 |
"Negotiation" | Section 34.1-3-201 |
"Note" | Section 34.1-3-104 |
"Payable at a definite time" | Section 34.1-3-108 |
"Payable on demand" | Section 34.1-3-108 |
"Payable to bearer" | Section 34.1-3-109 |
"Payable to order" | Section 34.1-3-109 |
"Payment" | Section 34.1-3-602 |
"Person entitled to enforce" | Section 34.1-3-301 |
"Presentment" | Section 34.1-3-501 |
"Reacquisition" | Section 34.1-3-207 |
"Special indorsement" | Section 34.1-3-205 |
"Teller's check" | Section 34.1-3-104 |
"Transfer of instrument" | Section 34.1-3-203 |
"Traveler's check" | Section 34.1-3-104 |
"Value" | Section 34.1-3-303 |
(c) The following definitions in other articles apply to this article: "Bank" | Section 34.1-4-105 |
"Banking day" | Section 34.1-4-104 |
"Clearing corporation" | Section 34.1-8-102 |
"Clearing house" | Section 34.1-4-104 |
"Collecting bank" | Section 34.1-4-105 |
"Custodian bank" | Section 34.1-8-102 |
"Depositary bank" | Section 34.1-4-105 |
"Documentary draft" | Section 34.1-4-104 |
"Foreign clearing corporation" | Section 34.1-8-320 |
"Foreign custodian bank" | Section 34.1-8-102 |
"Intermediary bank" | Section 34.1-4-105 |
"Item" | Section 34.1-4-104 |
"Payor bank" | Section 34.1-4-105 |
"Suspends payments" | Section 34.1-4-104 |
(d) In addition, article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.Amended by Laws 2015 , ch. 124, § 2, eff. 7/1/2015.