§12A-3-103. Definitions.
723 words·~3 min read·
/ok/title-12a-uniform-commercial-code/12a-3-103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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)Reserved;
(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 of this
title;
(8)"Party" means a party to an instrument;
(9)“Principal obligor”, with respect to an instrument,
means the accommodated party or any other party to the
instrument against whom a secondary obligor has
recourse under this article;
(10)"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;
(11)"Prove", with respect to a fact, means to meet the
burden of establishing the fact (subsection
(8)of
Section 1-201 of this title);
(12)Reserved;
(13)"Remitter" means a person who purchases an instrument
from its issuer if the instrument is payable to an
identified person other than the purchaser; and
(14)“Secondary obligor”, with respect to an instrument,
means
(i)an indorser or an accommodation party,
a drawer having the obligation described in subsection
(d)of Section 3-414 of this title, or
(iii)any other
party to the instrument that has recourse against
another party to the instrument pursuant to subsection
(b)of Section 3-116 of this title.
(b)Other definitions applying to this article and the sections in which they appear in this title are:
"Acceptance" Section 3-409
"Accommodated party" Section 3-419
"Accommodation party" Section 3-419
“Account” Section 4-104
"Alteration" Section 3-407
"Anomalous indorsement" Section 3-205
"Blank indorsement" Section 3-205
"Cashier's check" Section 3-104
"Certificate of deposit" Section 3-104
"Certified check" Section 3-409
"Check" Section 3-104
"Consideration" Section 3-303
"Draft" Section 3-104
"Holder in due course" Section 3-302
"Incomplete instrument" Section 3-115
"Indorsement" Section 3-204
"Indorser" Section 3-204
"Instrument" Section 3-104
"Issue" Section 3-105
"Issuer" Section 3-105
"Negotiable instrument" Section 3-104
"Negotiation" Section 3-201
"Note" Section 3-104
"Payable at a definite time" Section 3-108
"Payable on demand" Section 3-108
"Payable to bearer" Section 3-109
"Payable to order" Section 3-109
"Payment" Section 3-602
"Person entitled to enforce" Section 3-301
"Presentment" Section 3-501
"Reacquisition" Section 3-207
"Special indorsement" Section 3-205
"Teller's check" Section 3-104
"Transfer of instrument" Section 3-203
"Traveler's check" Section 3-104
"Value" Section 3-303
(c)The following definitions in other articles of this title apply to this article:
"Banking day" Section 4-104
"Clearing house" Section 4-104
"Collecting bank" Section 4-105
"Depositary bank" Section 4-105
"Documentary draft" Section 4-104
"Intermediary bank" Section 4-105
"Item" Section 4-104
"Payor bank" Section 4-105
"Suspends payments" Section 4-104
(d)In addition, Article 1 of the Uniform Commercial Code, this title, contains general definitions and principles of construction and interpretation applicable throughout this article. Added by Laws 1961, p. 102, § 3-103. Amended by Laws 1991, c. 117, § 28, eff. Jan. 1, 1992; Laws 2009, c. 208, § 2, eff. Nov. 1, 2009. NOTE: Laws 2008, c. 382, § 2 was held unconstitutional by the Oklahoma Supreme Court in the case of Weddington v. Henry, 202 P.3d 143, 2008 OK 102
(2009)and repealed by Laws 2009, c. 208, § 22, eff. Nov. 1, 2009.