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Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 28 Aug 2005, 2 histories bottom

  400.3-103.  Definitions. — (a) In this Article:

  (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 in the conduct or transaction concerned.

  (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 Article or Article 4.

  (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 400.1-201(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 Article and the sections in which they appear are:

­

"Acceptance" Section 400.3-409
"Accommodated party" Section 400.3-419
"Accommodation party" Section 400.3-419
"Alteration" Section 400.3-407
"Anomalous Endorsement" Section 400.3-205
"Blank Endorsement" Section 400.3-205
"Cashier's check" Section 400.3-104
"Certificate of deposit" Section 400.3-104
"Certified check" Section 400.3-409
"Check" Section 400.3-104
"Consideration" Section 400.3-303
"Demand Draft" Section 400.3-104
"Draft" Section 400.3-104
"Holder in due course" Section 400.3-302
"Incomplete instrument" Section 400.3-115
"Endorsement" Section 400.3-204
"Endorser" Section 400.3-204
"Instrument" Section 400.3-104
"Issue" Section 400.3-105
"Issuer" Section 400.3-105
"Negotiable instrument" Section 400.3-104
"Negotiation" Section 400.3-201
"Note" Section 400.3-104
"Payable at a definite time" Section 400.3-108
"Payable on demand" Section 400.3-108
"Payable to bearer" Section 400.3-109
"Payable to order" Section 400.3-109
"Payment" Section 400.3-602
"Person entitled to enforce" Section 400.3-301
"Presentment" Section 400.3-501
"Reacquisition" Section 400.3-207
"Special endorsement" Section 400.3-205
"Teller's check" Section 400.3-104
"Transfer of instrument" Section 400.3-203
"Traveler's check" Section 400.3-104
"Value" Section 400.3-303

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  (c)  The following definitions in other Articles apply to this Article:

­

"Bank" Section 400.4-105
"Banking day" Section 400.4-104
"Clearing house" Section 400.4-104
"Collecting bank" Section 400.4-105
"Depositary bank" Section 400.4-105
"Documentary draft" Section 400.4-104
"Intermediary bank" Section 400.4-105
"Item" Section 400.4-104
"Payor bank" Section 400.4-105
"Suspends payments" Section 400.4-104

­

  (d)  In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.

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(L. 1992 S.B. 448, A.L. 1994 S.B. 701, A.L. 2005 S.B. 279)


---- end of effective   28 Aug 2005 ----

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400.3-103 8/28/2005
400.3-103 8/28/1992 8/28/1992

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