§ 4-3-103 — Definitions

Colorado § 4-3-103

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Negotiable Instruments

Text

(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) Good faith means honesty in fact and the observance of reasonable
commercial standards of fair dealing.

(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 (section 4-1-201 (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 sections in which they
appear are:

AcceptanceSection 4-3-409

Accommodated partySection 4-3-419

Accommodation partySection 4-3-419

AlterationSection 4-3-407

Anomalous indorsementSection 4-3-205

Blank indorsementSection 4-3-205

Cashier's checkSection 4-3-104

Certificate of depositSection 4-3-104

Certified checkSection 4-3-409

CheckSection 4-3-104

ConsiderationSection 4-3-303

Demand draftSection 4-3-104

DraftSection 4-3-104

Holder in due courseSection 4-3-302

Incomplete instrumentSection 4-3-115

IndorsementSection 4-3-204

IndorserSection 4-3-204

InstrumentSection 4-3-104

IssueSection 4-3-105

IssuerSection 4-3-105

Negotiable instrumentSection 4-3-104

NegotiationSection 4-3-201

NoteSection 4-3-104

Payable at a definite timeSection 4-3-108

Payable on demandSection 4-3-108

Payable to bearerSection 4-3-109

Payable to orderSection 4-3-109

PaymentSection 4-3-602

Person entitled to enforceSection 4-3-301

PresentmentSection 4-3-501

ReacquisitionSection 4-3-207

Special indorsementSection 4-3-205

Teller's checkSection 4-3-104

Transfer of instrumentSection 4-3-203

Traveler's checkSection 4-3-104

ValueSection 4-3-303

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

BankSection 4-4-105

Banking daySection 4-4-104

Clearing houseSection 4-4-104

Collecting bankSection 4-4-105

Depositary bankSection 4-4-105

Documentary draftSection 4-4-104

Intermediary bankSection 4-4-105

ItemSection 4-4-104

Payor bankSection 4-4-105

Suspends paymentsSection 4-4-104

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

Legislative History

Source: L. 94: Entire article R&RE, p. 840, � 1, effective January 1, 1995. L. 2001: (b) amended, p. 865, � 2, effective August 8. L. 2006: (a)(10) amended, p. 496, � 25, effective September 1.