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code definitions

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  • Al Cintra-Leite
    For those people paying attention to words , ( and there have been some great comments, which I appreciate, regarding my posts about TENDER ) .... here are
    Message 1 of 1 , May 21, 2009
      For those people paying attention to words , ( and there have been some
      great comments, which I appreciate, regarding my posts about "TENDER" )
      .... here are some definitions from the California Commercial Code ,
      which also can be cited as being Uniform Commercial Code, or UCC as
      many refer to it.
      COMMERCIAL CODE
      SECTION 3101-3119




      3101. This division may be cited as Uniform Commercial
      Code--Negotiable Instruments.



      3102. (a) This division applies to negotiable instruments. It does
      not apply to money, to payment orders governed by Division 11
      (commencing with Section 11101), or to securities governed by
      Division 8 (commencing with Section 8101).
      (b) If there is conflict between this division and Division 4
      (commencing with Section 4101) or Division 9 (commencing with Section
      9101), Divisions 4 and 9 govern.
      (c) Regulations of the Board of Governors of the Federal Reserve
      System and operating circulars of the Federal Reserve Banks supersede
      any inconsistent provision of this division to the extent of the
      inconsistency.


      3103. (a) In this division:
      (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
      division or Division 4 (commencing with Section 4101).
      (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 (paragraph (8) of subdivision (b) of Section
      1201).
      (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 division and the sections
      in which they appear are:


      "Acceptance" Section 3409
      "Accommodated party" Section 3419
      "Accommodation party" Section 3419
      "Alteration" Section 3407
      "Anomalous endorsement" Section 3205
      "Blank endorsement" Section 3205
      "Cashier's check" Section 3104
      "Certificate of deposit" Section 3104
      "Certified check" Section 3409
      "Check" Section 3104
      "Consideration" Section 3303
      "Demand Draft" Section
      3104
      "Draft" Section 3104
      "Holder in due course" Section 3302
      "Incomplete instrument" Section 3115
      "Indorsement" Section 3204
      "Indorser" Section 3204
      "Instrument" Section 3104
      "Issue" Section 3105
      "Issuer" Section 3105
      "Negotiable instrument" Section 3104
      "Negotiation" Section 3201
      "Note" Section 3104
      "Payable at a definite time" Section 3108
      "Payable on demand" Section
      3108
      "Payable to bearer" Section 3109
      "Payable to order" Section 3109
      "Payment" Section 3602
      "Person entitled to enforce" Section 3301
      "Presentment" Section 3501
      "Reacquisition" Section 3207
      "Special indorsement" Section 3205
      "Teller's check" Section 3104
      "Transfer of instrument" Section 3203
      "Traveler's check" Section 3104
      "Value" Section 3303

      (c) The following definitions in other divisions apply to this
      division:


      "Bank" Section 4105
      "Banking day" Section 4104
      "Clearinghouse" Section 4104
      "Collecting bank" Section 4105
      "Depositary bank" Section 4105
      "Documentary draft" Section 4104
      "Intermediary bank" Section 4105
      "Item" Section 4104
      "Payor bank" Section
      4105
      "Suspends payments" Section 4104

      (d) In addition, Division 1 (commencing with Section 1101)
      contains general definitions and principles of construction and
      interpretation applicable throughout this division.



      3104. (a) Except as provided in subdivisions (c) and (d),
      "negotiable instrument" means an unconditional promise or order to
      pay a fixed amount of money, with or without interest or other
      charges described in the promise or order, if it is all of the
      following:
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