2001 Minnesota Statutes

  336.3-103 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) "Good faith" means honesty in fact and the observance 
 of reasonable commercial standards of fair dealing. 

    (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. 

    (8) "Party" means a party to an instrument. 

    (9) "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. 

    (10) "Prove" with respect to a fact means to meet the 
 burden of establishing the fact (section 336.1-201(8)). 

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

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

    "Acceptance," section 336.3-409. 

    "Accommodated party," section 336.3-419. 

    "Accommodation party," section 336.3-419. 

    "Alteration," section 336.3-407. 

    "Anomalous endorsement," section 336.3-205.  

    "Blank endorsement," section 336.3-205.  

    "Cashier's check," section 336.3-104. 

    "Certificate of deposit," section 336.3-104. 

    "Certified check," section 336.3-409.  

    "Check," section 336.3-104. 

    "Consideration," section 336.3-303. 

    "Draft," section 336.3-104. 

    "Endorsement," section 336.3-204.  

    "Endorser," section 336.3-204. 

    "Holder in due course," section 336.3-302. 

    "Incomplete instrument," section 336.3-115. 

    "Instrument," section 336.3-104. 

    "Issue," section 336.3-105. 

    "Issuer," section 336.3-105. 

    "Negotiable instrument," section 336.3-104. 

    "Negotiation," section 336.3-201. 

    "Note," section 336.3-104. 

    "Payable at a definite time," section 336.3-108. 

    "Payable on demand," section 336.3-108. 

    "Payable to bearer," section 336.3-109. 

    "Payable to order," section 336.3-109. 

    "Payment," section 336.3-602. 

    "Person entitled to enforce," section 336.3-301. 

    "Presentment," section 336.3-501. 

    "Reacquisition," section 336.3-207. 

    "Special endorsement," section 336.3-205.  

    "Teller's check," section 336.3-104. 

    "Transfer of instrument," section 336.3-203. 

    "Traveler's check," section 336.3-104. 

    "Value," section 336.3-303. 

    (c) The following definitions in other articles apply to 
 this article: 

    "Bank," section 336.4-105. 

    "Banking day," section 336.4-104. 

    "Clearinghouse," section 336.4-104. 

    "Collecting bank," section 336.4-105. 

    "Depositary bank," section 336.4-105. 

    "Documentary draft," section 336.4-104. 

    "Intermediary bank," section 336.4-105. 

    "Item," section 336.4-104. 

    "Payor bank," section 336.4-105. 

    "Suspends payments," section 336.4-104. 

    (d) In addition, article 1 contains general definitions and 
 principles of construction and interpretation applicable 
 throughout this article. 

    HIST: 1992 c 565 s 5