44-6851. Definitions

190 words·~1 min read·/az/title-44/44-6851

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this chapter, unless the context otherwise requires:

1. "Check" means a draft that is payable on demand and drawn on a financial institution, a cashier's check or a teller's check.

2. "Draft" means an item, other than an instrument, that is an order.

3. "Drawer" means a person who signs or is identified in a draft as a person ordering payment.

4. "Financial institution" means a bank, savings and loan association or credit union that is chartered and supervised under state or federal law.

5. "Holder" means a person, including this state, who is entitled to enforce an instrument.

6. "Maker" means a person who signs or is identified in a note as a person undertaking to pay.

7. "Order" means a written instruction to pay money that is signed by the person giving the instruction. The instruction may be addressed to any person, including this state or the person giving the instruction, or to one or more persons, including this state, jointly or in the alternative but not in succession.

8. "Payee" means a person, including this state, in whose favor an instrument is drawn or made payable.