400.3-103. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

400.3-103. (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 asa person ordering payment.

(4) "Good faith" means honesty in fact in the conduct or transactionconcerned.

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

(6) "Order" means a written instruction to pay money signed by theperson giving the instruction. The instruction may be addressed to anyperson, including the person giving the instruction, or to one or morepersons jointly or in the alternative but not in succession. Anauthorization to pay is not an order unless the person authorized to pay isalso instructed to pay.

(7) "Ordinary care" in the case of a person engaged in business meansobservance of reasonable commercial standards, prevailing in the area inwhich the person is located, with respect to the business in which theperson is engaged. In the case of a bank that takes an instrument forprocessing for collection or payment by automated means, reasonablecommercial standards do not require the bank to examine the instrument ifthe failure to examine does not violate the bank's prescribed proceduresand the bank's procedures do not vary unreasonably from general bankingusage 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 theperson undertaking to pay. An acknowledgment of an obligation by theobligor is not a promise unless the obligor also undertakes to pay theobligation.

(10) "Prove" with respect to a fact means to meet the burden ofestablishing the fact (Section 400.1-201(8)).

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

(b) Other definitions applying to this Article and the sections inwhich they appear are:

"Acceptance" Section 400.3-409

"Accommodated party" Section 400.3-419

"Accommodation party" Section 400.3-419

"Alteration" Section 400.3-407

"Anomalous Endorsement" Section 400.3-205

"Blank Endorsement" Section 400.3-205

"Cashier's check" Section 400.3-104

"Certificate of deposit" Section 400.3-104

"Certified check" Section 400.3-409

"Check" Section 400.3-104

"Consideration" Section 400.3-303