Idaho Code § 28-3-103

Current through the 2024 Regular Session

Section 28-3-103 - DEFINITIONS

(1) 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) "Good faith" means honesty in fact in the conduct or transaction concerned.

(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 (1) 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 chapter or chapter 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 28-1-201(b)(8)).

(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 chapter and the sections in which they appear are:

"Acceptance" Section 28-3-409 Section 28-3-409

"Accommodated party" Section 28-3-419 Section 28-3-419

"Accommodation party" Section 28-3-419 Section 28-3-419

"Alteration" Section 28-3-407 Section 28-3-407

"Anomalous indorsement" Section 28-3-205 Section 28-3-205

"Blank indorsement" Section 28-3-205 Section 28-3-205

"Cashier's check" Section 28-3-104 Section 28-3-104

"Certificate of deposit" Section 28-3-104 Section 28-3-104

"Certified check" Section 28-3-409 Section 28-3-409

"Check" Section 28-3-104 Section 28-3-104

"Consideration" Section 28-3-303 Section 28-3-303

"Demand draft" Section 28-3-104 Section 28-3-104

"Draft" Section 28-3-104 Section 28-3-104

"Holder in due course" Section 28-3-302 Section 28-3-302

"Incomplete instrument" Section 28-3-115 Section 28-3-115

"Indorsement" Section 28-3-204 Section 28-3-204

"Indorser" Section 28-3-204 Section 28-3-204

"Instrument" Section 28-3-104 Section 28-3-104

"Issue" Section 28-3-105 Section 28-3-105

"Issuer" Section 28-3-105 Section 28-3-105

"Negotiable instrument" Section 28-3-104 Section 28-3-104

"Negotiation" Section 28-3-201 Section 28-3-201

"Note" Section 28-3-104 Section 28-3-104

"Payable at a definite time" Section 28-3-108 Section 28-3-108

"Payable on demand" Section 28-3-108 Section 28-3-108

"Payable to bearer" Section 28-3-109 Section 28-3-109

"Payable to order" Section 28-3-109 Section 28-3-109

"Payment" Section 28-3-602 Section 28-3-602

"Person entitled to enforce" Section 28-3-301 Section 28-3-301

"Presentment" Section 28-3-501 Section 28-3-501

"Reacquisition" Section 28-3-207 Section 28-3-207

"Special indorsement" Section 28-3-205 Section 28-3-205

"Teller's check" Section 28-3-104 Section 28-3-104

"Transfer of instrument" Section 28-3-203 Section 28-3-203

"Traveler's check" Section 28-3-104 Section 28-3-104

"Value" Section 28-3-303 Section 28-3-303

(3) The following definitions in other chapters apply to this chapter:

"Bank" Section 28-4-105 Section 28-4-105

"Banking day" Section 28-4-104 Section 28-4-104

"Clearing house" Section 28-4-104 Section 28-4-104

"Collecting bank" Section 28-4-105 Section 28-4-105

"Depositary bank" Section 28-4-105 Section 28-4-105

"Documentary draft" Section 28-4-104 Section 28-4-104

"Intermediary bank" Section 28-4-105 Section 28-4-105

"Item" Section 28-4-104 Section 28-4-104

"Payor bank" Section 28-4-105 Section 28-4-105

"Suspends payments" Section 28-4-104 Section 28-4-104

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

Idaho Code § 28-3-103

[28-3-103, added 1993, ch. 288, sec. 2, p. 1021; am. 2002, ch. 121, sec. 1, p. 339; am. 2004 , ch. 43, sec. 31 , p. 153.]