Ga. Code § 11-3-103

Current through 2023-2024 Legislative Session Chapter 709

Section 11-3-103 - Definitions

(a) In this article:

(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) Reserved.

(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 article or Article 4 of this title.

(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 within the meaning of Code Section 11-1-201(b)(8).

(11) "Remitter" means a person who purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser.

(b) Other definitions applying to this article and the Code sections in which they appear are:

"Acceptance." Code Section 11-3-409.

"Accommodated party." Code Section 11-3-419.

"Accommodation party." Code Section 11-3-419.

"Alteration." Code Section 11-3-407.

"Anomalous indorsement." Code Section 11-3-205.

"Blank indorsement." Code Section 11-3-205.

"Cashier's check." Code Section 11-3-104.

"Certificate of deposit." Code Section 11-3-104.

"Certified check." Code Section 11-3-409.

"Check." Code Section 11-3-104.

"Consideration." Code Section 11-3-303.

"Draft." Code Section 11-3-104.

"Holder in due course." Code Section 11-3-302.

"Incomplete instrument." Code Section 11-3-115.

"Indorsement." Code Section 11-3-204.

"Indorser." Code Section 11-3-204.

"Instrument." Code Section 11-3-104.

"Issue." Code Section 11-3-105.

"Issuer." Code Section 11-3-105.

"Negotiable instrument." Code Section 11-3-104.

"Negotiation." Code Section 11-3-201.

"Note." Code Section 11-3-104.

"Payable at a definite time." Code Section 11-3-108.

"Payable on demand." Code Section 11-3-108.

"Payable to bearer." Code Section 11-3-109.

"Payable to order." Code Section 11-3-109.

"Payment." Code Section 11-3-602.

"Person entitled to enforce." Code Section 11-3-301.

"Presentment." Code Section 11-3-501.

"Reacquisition." Code Section 11-3-207.

"Special indorsement." Code Section 11-3-205.

"Teller's check." Code Section 11-3-104.

"Transfer of instrument." Code Section 11-3-203.

"Traveler's check." Code Section 11-3-104.

"Value." Code Section 11-3-303.

(c) The following definitions in other articles apply to this article:

"Bank." Code Section 11-4-105.

"Banking day." Code Section 11-4-104.

"Clearing house." Code Section 11-4-104.

"Collecting bank." Code Section 11-4-105.

"Depositary bank." Code Section 11-4-105.

"Documentary draft." Code Section 11-4-104.

"Intermediary bank." Code Section 11-4-105.

"Item." Code Section 11-4-104.

"Payor bank." Code Section 11-4-105.

"Suspends payments." Code Section 11-4-104.

(d) In addition, Article 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this article.

OCGA § 11-3-103

Amended by 2015 Ga. Laws 167,§ 3B-11, eff. 1/1/2016.