2009 Iowa Code
Title 13 - Commerce
Subtitle 5 - Regulation of Commercial Enterprises
CHAPTER 554 - UNIFORM COMMERCIAL CODE
554.3103 - DEFINITIONS.

        554.3103  DEFINITIONS.
         1.  In this Article:
         a.  "Acceptor" means a drawee who has accepted a draft.
         b.  "Drawee" means a person ordered in a draft to make
      payment.
         c.  "Drawer" means a person who signs or is identified in a
      draft as a person ordering payment.
         d.  Reserved.
         e.  "Maker" means a person who signs or is identified in a
      note as a person undertaking to pay.
         f.  "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.
         g.  "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.
         h.  "Party" means a party to an instrument.
         i.  "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.
         j.  "Prove" with respect to a fact means to meet the burden of
      establishing the fact (section 554.1201, subsection 2, paragraph
      "h").
         k.  "Remitter" means a person who purchases an instrument from
      its issuer if the instrument is payable to an identified person other
      than the purchaser.
         2.  Other definitions applying to this Article and the sections in
      which they appear are:
                  a.  "Acceptance"     Section 554.3409.
                  b.  "Accommodated
               party"                    Section 554.3419.
                  c.  "Accommodation
               party"                    Section 554.3419.
                  d.  "Alteration"     Section 554.3407.
                  e.  "Anomalous
               endorsement"              Section 554.3205.
                  f.  "Blank endorsement"  Section 554.3205.
                  g.  "Cashier's check"Section 554.3104.
                  h.  "Certificate of
               deposit"                  Section 554.3104.
                  i.  "Certified check"Section 554.3409.
                  j.  "Check"          Section 554.3104.
                  k.  "Consideration"  Section 554.3303.
                  l.  "Demand draft"   Section 554.3104.
                  m.  "Draft"          Section 554.3104.
                  n.  "Holder in due
               course"                   Section 554.3302.
                  o.  "Incomplete
               instrument"               Section 554.3115.
                  p.  "Endorsement"    Section 554.3204.
                  q.  "Endorser"       Section 554.3204.
                  r.  "Instrument"     Section 554.3104.
                  s.  "Issue"          Section 554.3105.
                  t.  "Issuer"         Section 554.3105.
                  u.  "Negotiable
               instrument"               Section 554.3104.
                  v.  "Negotiation"    Section 554.3201.
                  w.  "Note"           Section 554.3104.
                  x.  "Payable at a
               definite time"            Section 554.3108.
                  y.  "Payable on demand"  Section 554.3108.
                  z.  "Payable to bearer"  Section 554.3109.
                  aa.  "Payable to order"  Section 554.3109.
                  ab.  "Payment"       Section 554.3602.
                  ac.  "Person entitled
               to enforce"               Section 554.3301.
                  ad.  "Presentment"   Section 554.3501.
                  ae.  "Reacquisition" Section 554.3207.
                  af.  "Special
               endorsement"              Section 554.3205.
                  ag.  "Teller's check"Section 554.3104.
                  ah.  "Transfer of
               instrument"               Section 554.3203.
                  ai.  "Traveler's check"  Section 554.3104.
                  aj.  "Value"         Section 554.3303.

         3.  The following definitions in other Articles apply to this
      Article:
                  a.  "Bank"           Section 554.4105.
                  b.  "Banking day"    Section 554.4104.
                  c.  "Clearing house" Section 554.4104.
                  d.  "Collecting bank"Section 554.4105.
                  e.  "Depositary bank"Section 554.4105.
                  f.  "Documentary draft"  Section 554.4104.
                  g.  "Intermediary bank"  Section 554.4105.
                  h.  "Item"           Section 554.4104.
                  i.  "Payor bank"     Section 554.4105.
                  j.  "Suspends payments"  Section 554.4104.

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

         94 Acts, ch 1167, §12, 121, 122; 2005 Acts, ch 11, §1; 2007 Acts,
      ch 41, §25, 26
         Referred to in § 554.4104, 554.9102