2015 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 073 - Negotiable Instruments
Section 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]
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