Alaska Statutes 45.03.103 – Definitions

(a) In this chapter,

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Terms Used In Alaska Statutes 45.03.103

Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060

(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(4)[Repealed, Sec. 113 ch 44 SLA 2009].

(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 chapter or Alaska Stat. Chapter 45.04;

(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 (Alaska Stat. § 45.01.211);

(11) “remitter” means a person who purchases an instrument from the issuer of the instrument if the instrument is payable to an identified person other than the purchaser.

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

(1) “acceptance” in Alaska Stat. § 45.03.409;

(2) “accommodated party” in Alaska Stat. § 45.03.419;

(3) “accommodation party” in Alaska Stat. § 45.03.419;

(4) “alteration” in Alaska Stat. § 45.03.407;

(5) “anomalous endorsement” in Alaska Stat. § 45.03.205;

(6) “blank endorsement” in Alaska Stat. § 45.03.205;

(7) “cashier’s check” in Alaska Stat. § 45.03.104;

(8) “certificate of deposit” in Alaska Stat. § 45.03.104;

(9) “certified check” in Alaska Stat. § 45.03.409;

(10) “check” in Alaska Stat. § 45.03.104;

(11) “consideration” in Alaska Stat. § 45.03.303;

(12) “draft” in Alaska Stat. § 45.03.104;

(13) “endorsement” in Alaska Stat. § 45.03.204;

(14) “endorser” in Alaska Stat. § 45.03.204;

(15) “holder in due course” in Alaska Stat. § 45.03.302;

(16) “incomplete instrument” in Alaska Stat. § 45.03.115;

(17) “instrument” in Alaska Stat. § 45.03.104;

(18) “issue” in Alaska Stat. § 45.03.105;

(19) “issuer” in Alaska Stat. § 45.03.105;

(20) “negotiable instrument” in Alaska Stat. § 45.03.104;

(21) “negotiation” in Alaska Stat. § 45.03.201;

(22) “note” in Alaska Stat. § 45.03.104;

(23) “payable at a definite time” in Alaska Stat. § 45.03.108;

(24) “payable on demand” in Alaska Stat. § 45.03.108;

(25) “payable to bearer” in Alaska Stat. § 45.03.109;

(26) “payable to order” in Alaska Stat. § 45.03.109;

(27) “payment” in Alaska Stat. § 45.03.602;

(28) “person entitled to enforce” in Alaska Stat. § 45.03.301;

(29) “presentment” in Alaska Stat. § 45.03.501;

(30) “reacquisition” in Alaska Stat. § 45.03.207;

(31) “special endorsement” in Alaska Stat. § 45.03.205;

(32) “teller’s check” in Alaska Stat. § 45.03.104;

(33) “transfer of instrument” in Alaska Stat. § 45.03.203;

(34) “traveler’s check” in Alaska Stat. § 45.03.104;

(35) “value” in Alaska Stat. § 45.03.303.

(c) The following definitions in Alaska Stat. Chapter 45.04 apply to this chapter:

(1) “bank” (Alaska Stat. § 45.04.105);

(2) “banking day” (Alaska Stat. § 45.04.104);

(3) “clearing house” (Alaska Stat. § 45.04.104);

(4) “collecting bank” (Alaska Stat. § 45.04.105);

(5) “depositary bank” (Alaska Stat. § 45.04.105);

(6) “documentary draft” (Alaska Stat. § 45.04.104);

(7) “intermediary bank” (Alaska Stat. § 45.04.105);

(8) “item” (Alaska Stat. § 45.04.104);

(9) “payor bank” (Alaska Stat. § 45.04.105);

(10) “suspends payments” (Alaska Stat. § 45.04.104).

(d) In addition, Alaska Stat. Chapter 45.01 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

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