Iowa Code 554.3103 – Definitions
Terms Used In Iowa Code 554.3103
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- 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: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- undertaking: means a promise or security in any form. See Iowa Code 4.1
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
1. In this Article:
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. Reserved.
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 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 Article or Article 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
554.1201, subsection 2, paragraph “”h””).
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 Article and the sections in which they appear are:
a. “”Acceptance”” ………………………………. § 554.3409. b. “”Accommodated party””………………… § 554.3419. c. “”Accommodation party””……………….. § 554.3419. d. “”Alteration”” …………………………………. § 554.3407. e. “”Anomalous endorsement”” …………… § 554.3205. f. “”Blank endorsement””……………………. § 554.3205. g. “”Cashier’s check””………………………… § 554.3104. h. “”Certificate of deposit”” ………………… § 554.3104. i. “”Certified check””………………………….. § 554.3409. j. “”Check””……………………………………….. § 554.3104. k. “”Consideration””…………………………… § 554.3303. l. “”Demand draft””……………………………. § 554.3104. m. “”Draft”” ………………………………………. § 554.3104. n. “”Holder in due course”” ………………… § 554.3302. o. “”Incomplete instrument”” ……………… § 554.3115. p. “”Endorsement””……………………………. § 554.3204. q. “”Endorser””………………………………….. § 554.3204. r. “”Instrument””………………………………… § 554.3104. s. “”Issue”” ………………………………………… § 554.3105. t. “”Issuer””……………………………………….. § 554.3105. u. “”Negotiable instrument”” ……………… § 554.3104. v. “”Negotiation”” ………………………………. § 554.3201. w. “”Note””………………………………………… § 554.3104. x. “”Payable at a definite time””………….. § 554.3108. y. “”Payable on demand””…………………… § 554.3108. z. “”Payable to bearer””……………………… § 554.3109.
§554.3103, UNIFORM COMMERCIAL CODE 2
aa. “”Payable to order”” …………………….. § 554.3109. ab. “”Payment”” ………………………………… § 554.3602. ac. “”Person entitled to enforce”” ……….. § 554.3301. ad. “”Presentment””…………………………… § 554.3501. ae. “”Reacquisition””………………………….. § 554.3207. af. “”Special endorsement”” ……………….. § 554.3205. ag. “”Teller’s check””…………………………. § 554.3104. ah. “”Transfer of instrument””……………. § 554.3203. ai. “”Traveler’s check”” ……………………… § 554.3104. aj. “”Value””………………………………………. § 554.3303.
3. The following definitions in other Articles apply to this Article:
a. “”Bank”” ……………………………………….. § 554.4105. b. “”Banking day”” …………………………….. § 554.4104. c. “”Clearing house”” …………………………. § 554.4104. d. “”Collecting bank””………………………… § 554.4105. e. “”Depositary bank””……………………….. § 554.4105. f. “”Documentary draft”” ……………………. § 554.4104. g. “”Intermediary bank”” ……………………. § 554.4105. h. “”Item””…………………………………………. § 554.4104. i. “”Payor bank”” ……………………………….. § 554.4105. j. “”Suspends payments””…………………… § 554.4104.
4. In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
94 Acts, ch 1167, §12, 121, 122; 2005 Acts, ch 11, §1; 2007 Acts, ch 41, §25, 26
Referred to in §554.4104, 554.9102