Oregon Statutes 73.0103 – Definitions
(1) As used in this chapter:
Terms Used In Oregon Statutes 73.0103
- Drawee: means a person ordered in a draft to make payment. See Oregon Statutes 73.0103
- 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.
- Order: means a written instruction to pay money signed by the person giving the instruction. See Oregon Statutes 73.0103
- Party: means a party to an instrument. See Oregon Statutes 73.0103
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Oregon Statutes 73.0103
- Violate: includes failure to comply. See Oregon Statutes 174.100
(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 the bank’s prescribed procedures and the bank’s procedures do not vary unreasonably from general banking usage not disapproved under this chapter or ORS Chapter 74.
(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 as defined in ORS § 71.2010 (2)(h).
(j) ‘Remitter’ means a person who purchases an instrument from the 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:
(3) The following definitions in ORS Chapter 74 apply to this chapter:
(4) In addition, ORS Chapter 71 contains general definitions and principles of construction and interpretation applicable throughout this chapter. [1993 c.545 § 6; 1997 c.822 § 1; 2009 c.181 § 44]