New Jersey Statutes 12A:3-105. Issue of instrument
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Terms Used In New Jersey Statutes 12A:3-105
- Drawer: means a person who signs or is identified in a draft as a person ordering payment. See New Jersey Statutes 12A:3-103
- Maker: means a person who signs or is identified in a note as a person undertaking to pay. See New Jersey Statutes 12A:3-103
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
a. “Issue” means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.
b. An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.
c. “Issuer” applies to issued and unissued instruments and means a maker or drawer of an instrument.
L.1995,c.28,s.1.