Montana Code 30-3-102. Definitions
30-3-102. Definitions. (1) In this chapter, unless the context otherwise requires, the following definitions apply:
Terms Used In Montana Code 30-3-102
- Drawee: means a person ordered in a draft to make payment. See Montana Code 30-3-102
- 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 Montana Code 30-3-102
- Party: means party to an instrument. See Montana Code 30-3-102
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Montana Code 30-3-102
- Usage: means a reasonable and lawful public custom concerning transactions of the same nature as those which are to be affected thereby, existing at the place where the obligation is to be performed, and either known to the parties or so well established, general, and uniform that the parties must be presumed to have acted with reference thereto. See Montana Code 1-1-206
(a)”Acceptor” means a drawee that has accepted a draft.
(b)”Drawee” means a person ordered in a draft to make payment.
(c)”Drawer” means a person that signs a draft as a person ordering payment.
(d)”Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing.
(e)”Maker” means a person that signs a note as promisor of payment.
(f)”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.
(g)”Ordinary care” in the case of a person engaged in business means observance of reasonable commercial standards, prevailing in the area in which that person is located, with respect to the business in which that 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 chapter or chapter 4.
(h)”Party” means party to an instrument.
(i)”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.
(j)”Prove” with respect to a fact means to meet the burden of establishing the fact (30-1-201(2)(i)).
(k)”Remitter” means a person that purchases an instrument from its 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:
“Acceptance”. 30-3-410.
“Accommodated party”. 30-3-415.
“Accommodation party”. 30-3-415.
“Alteration”. 30-3-407.
“Anomalous indorsement”. 30-3-204.
“Blank indorsement”. 30-3-204.
“Cashier’s check”. 30-3-104.
“Certificate of deposit”. 30-3-104.
“Certified check”. 30-3-410.
“Check”. 30-3-104.
“Consideration”. 30-3-303.
“Draft”. 30-3-104.
“Fiduciary”. 30-3-308.
“Holder in due course”. 30-3-302.
“Incomplete instrument”. 30-3-115.
“Indorsement”. 30-3-203.
“Indorser”. 30-3-203.
“Instrument”. 30-3-104.
“Issue”. 30-3-125.
“Issuer”. 30-3-125.
“Negotiable instrument”. 30-3-104.
“Negotiation”. 30-3-202.
“Note”. 30-3-104.
“Payable at a definite time”. 30-3-109.
“Payable on demand”. 30-3-108.
“Payable to bearer”. 30-3-111.
“Payable to order”. 30-3-111.
“Payment”. 30-3-603.
“Person entitled to enforce”. 30-3-301.
“Presentment”. 30-3-504.
“Reacquisition”. 30-3-208.
“Represented person”. 30-3-308.
“Special indorsement”. 30-3-204.
“Teller’s check”. 30-3-104.
“Transfer of instrument”. 30-3-210.
“Traveler’s check”. 30-3-104.
“Value”. 30-3-303.
(3)The following definitions in other chapters apply to this chapter:
“Bank”. 30-4-105.
“Banking day”. 30-4-104.
“Clearinghouse”. 30-4-104.
“Collecting bank”. 30-4-105.
“Customer”. 30-4-104.
“Depositary bank”. 30-4-105.
“Documentary draft”. 30-4-104.
“Intermediary bank”. 30-4-105.
“Item”. 30-4-104.
“Payor bank”. 30-4-105.
“Suspends payments”. 30-4-104.
(4)In addition, chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.