AI-assisted research summary: This section defines many terms used in chapter 47, including “acceptor,” “drawee,” “drawer,” “good faith,” “maker,” “order,” “ordinary care,” “promise,” and “remitter.”
47-3103 - Definitions 47-3103 . Definitions A. In this chapter: 1. "Acceptor" means a drawee who has accepted a draft. 2. "Drawee" means a person ordered in a draft to make payment. 3. "Drawer" means a person who signs or is identified in a draft as a person ordering payment. 4. "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing. 5. "Maker" means a person who signs or is identified in a note as a person undertaking to pay. 6. "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 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. 7. "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 chapter or chapter 4 of this title. 8. "Party" means a party to an instrument. 9. "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. 10. "Prove" with respect to a fact means to meet the burden of establishing the fact (section 47-1201, subsection B, paragraph 8). 11. "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 chapter and the sections in which they appear are: 1. "Acceptance". Section 47-3409. 2. "Accommodated party". Section 47-3419. 3. "Accommodation party". Section 47-3419. 4. "Alteration". Section 47-3407. 5. "Anomalous indorsement". Section 47-3205. 6. "Blank indorsement". Section 47-3205. 7. "Cashier's check". Section 47-3104. 8. "Certificate of deposit". Section 47-3104. 9. "Certified check". Section 47-3409. 10. "Check". Section 47-3104. 11. "Consideration". Section 47-3303. 12. "Draft". Section 47-3104. 13. "Holder in due course". Section 47-3302. 14. "Incomplete instrument". Section 47-3115. 15. "Indorsement". Section 47-3204. 16. "Indorser". Section 47-3204. 17. "Instrument". Section 47-3104. 18. "Issue". Section 47-3105. 19. "Issuer". Section 47-3105. 20. "Negotiable instrument". Section 47-3104. 21. "Negotiation". Section 47-3201. 22. "Note". Section 47-3104. 23. "Payable at a definite time". Section 47-3108. 24. "Payable on demand". Section 47-3108. 25. "Payable to bearer". Section 47-3109. 26. "Payable to order". Section 47-3109. 27. "Payment". Section 47-3602. 28. "Person entitled to enforce". Section 47-3301. 29. "Presentment". Section 47-3501. 30. "Reacquisition". Section 47-3207. 31. "Special indorsement". Section 47-3205. 32. "Teller's check". Section 47-3104. 33. "Transfer of instrument". Section 47-3203. 34. "Traveler's check". Section 47-3104. 35. "Value". Section 47-3303. C. The following definitions in other chapters of this title apply to this chapter: 1. "Bank". Section 47-4105. 2. "Banking day". Section 47-4104. 3. "Clearing house". Section 47-4104. 4. "Collecting bank". Section 47-4105. 5. "Depositary bank". Section 47-4105. 6. "Documentary draft". Section 47-4104. 7. "Intermediary bank". Section 47-4105. 8. "Item". Section 47-4104. 9. "Payor bank". Section 47-4105. 10. "Suspends payments". Section 47-4104. D. In addition, chapter 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this chapter.