2011 Oregon Revised Statutes
ORS Volume 2, Chapters 56 - 89
ORS Chapter 73
73.0103 Definitions.

(1) As used in this chapter:

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

(e) 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.

(f) 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 under this chapter or ORS chapter 74.

(g) Party means a party to an instrument.

(h) 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.

(i) Prove with respect to a fact means to meet the burden of establishing the fact as defined in ORS 71.2010 (2)(h).

(j) Remitter means a person who purchases an instrument from the issuer if the instrument is payable to an identified person other than the purchaser.

(2) Other definitions applying to this chapter and the sections in which they appear are:

Acceptance ORS 73.0409

Accommodated party ORS 73.0419

Accommodation party ORS 73.0419

Alteration ORS 73.0407

Anomalous indorsement ORS 73.0205

Blank indorsement ORS 73.0205

Cashier s check ORS 73.0104

Certificate of deposit ORS 73.0104

Certified check ORS 73.0409

Check ORS 73.0104

Consideration ORS 73.0303

Demand draft ORS 73.0104

Draft ORS 73.0104

Holder in due course ORS 73.0302

Incomplete instrument ORS 73.0115

Indorsement ORS 73.0204

Indorser ORS 73.0204

Instrument ORS 73.0104

Issue ORS 73.0105

Issuer ORS 73.0105

Negotiable instrument ORS 73.0104

Negotiation ORS 73.0201

Note ORS 73.0104

Payable at a definite time ORS 73.0108

Payable on demand ORS 73.0108

Payable to bearer ORS 73.0109

Payable to order ORS 73.0109

Payment ORS 73.0602

Person entitled to enforce ORS 73.0301

Presentment ORS 73.0501

Reacquisition ORS 73.0207

Special indorsement ORS 73.0205

Teller s check ORS 73.0104

Transfer of instrument ORS 73.0203

Traveler s check ORS 73.0104

Value ORS 73.0303

(3) The following definitions in ORS chapter 74 apply to this chapter:

Bank ORS 74.1050

Banking day ORS 74.1040

Clearing house ORS 74.1040

Collecting bank ORS 74.1050

Depositary bank ORS 74.1050

Documentary draft ORS 74.1040

Intermediary bank ORS 74.1050

Item ORS 74.1040

Payor bank ORS 74.1050

Suspends payments ORS 74.1040

(4) In addition, ORS chapter 71 contains general definitions and principles of construction and interpretation applicable throughout this chapter. [1993 c.545 6; 1997 c.822 1; 2009 c.181 44]