Nevada Revised Statutes 104.3103 – Definitions
1. In this Article:
Terms Used In Nevada Revised Statutes 104.3103
- 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 a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(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) ’Maker’ means a person who signs or is identified in a note as a person undertaking to pay.
(e) ’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.
(f) ’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 its prescribed procedures and its procedures do not vary unreasonably from general banking usage not disapproved by this Article or Article 4.
(g) ’Party’ means a party to an instrument.
(h) ’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.
(i) ’Prove’ with respect to a fact means to meet the burden of establishing the fact (paragraph (h) of subsection 2 of NRS 104.1201).
(j) ’Record’ means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(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.
(l) ’Remotely-created item’ means an item drawn on an account, which is not created by the payor bank and does not bear a signature purporting to be the signature of the drawer.
2. Other definitions applying to this Article and the sections in which they appear are:
3. The following definitions in other Articles apply to this Article:
4. In addition Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.