Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 3 - UNIFORM COMMERCIAL CODE - NEGOTIABLE INSTRUMENTS (§§ 75-3-101 — 75-3-801) › Part 1 - GENERAL PROVISIONS AND DEFINITIONS (§§ 75-3-101 — 75-3-120) › Section 75-3-103 - Definitions

(a)
In this chapter:
(1)
"Acceptor" means a drawee who has accepted a draft.
(2)
[Reserved]
(3)
[Reserved]
(4)
"Drawee" means a person ordered in a draft to make payment.
(5)
"Drawer" means a person who signs or is identified in a draft as a person ordering payment.
(6)
[Reserved]
(7)
"Maker" means a person who signs or is identified in a note as a person undertaking to pay.
(8)
"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.
(9)
"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 chapter or Chapter 4.
(10)
"Party" means a party to an instrument.
(11)
"Principal obligor," with respect to an instrument, means the accommodated party or any other party to the instrument against whom a secondary obligor has recourse under this article.
(12)
"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.
(13)
"Prove" with respect to a fact means to meet the burden of establishing the fact (Section
75-1-201(b)(8)
, Mississippi Code of 1972).
(14)
[Reserved]
(15)
"Remitter" means a person who purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser.
(16)
"Remotely created check" means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn.
(17)
"Secondary obligor," with respect to an instrument, means
(i)
an indorser or an accommodation party,
(ii)
a drawer having the obligation described in Section
75-3-414(d)
, or
(iii)
any other party to the instrument that has recourse against another party to the instrument pursuant to Section
75-3-116(b)
.
(b)
Other definitions applying to this chapter and the sections in which they appear are:
"Acceptance" Section
75-3-409
"Accommodated party" Section
75-3-419
"Accommodation party" Section
75-3-419
"Account" Section
75-4-104
"Alteration" Section
75-3-407
"Anomalous indorsement" Section
75-3-205
"Blank indorsement" Section
75-3-205
"Cashier's check" Section
75-3-104
"Certificate of deposit" Section
75-3-104
"Certified check" Section
75-3-409
"Check" Section
75-3-104
"Consideration" Section
75-3-303
"Draft" Section
75-3-104
"Holder in due course" Section
75-3-302
"Incomplete instrument" Section
75-3-115
"Indorsement" Section
75-3-204
"Indorser" Section
75-3-204
"Instrument" Section
75-3-104
"Issue" Section
75-3-105
"Issuer" Section
75-3-105
"Negotiable instrument" Section
75-3-104
"Negotiation" Section
75-3-201
"Note" Section
75-3-104
"Payable at a definite time" Section
75-3-108
"Payable on demand" Section
75-3-108
"Payable to bearer" Section
75-3-109
"Payable to order" Section
75-3-109
"Payment" Section
75-3-602
"Person entitled to enforce" Section
75-3-301
"Presentment" Section
75-3-501
"Reacquisition" Section
75-3-207
"Special indorsement" Section
75-3-205
"Teller's check" Section
75-3-104
"Transfer of instrument" Section
75-3-203
"Traveler's check" Section
75-3-104
"Value" Section
75-3-303
(c)
The following definitions in other chapters apply to this chapter:
"Banking day" Section
75-4-104
"Clearinghouse" Section
75-4-104
"Collecting bank" Section
75-4-105
"Depositary bank" Section
75-4-105
"Documentary draft" Section
75-4-104
"Intermediary bank" Section
75-4-105
"Item" Section
75-4-104
"Payor bank" Section
75-4-105
"Suspends payments" Section
75-4-104
(d)
In addition, Chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.
Former §
75-3-103
: Codes, 1942, § 41A:3-103; Laws, 1966, ch. 316, § 3-103; Laws, 1992, ch. 420, § 3; Laws, 2010, ch. 506, § 13, eff. 7/1/2010.