Order (Banking) Law and Legal Definition
Pursuant to U.C.C. § 3-103, order is a written instruction to pay money signed by the person giving the instruction. Persons to whom instruction is addressed includes:
the person giving the instruction; or
one or more persons jointly or in the alternative but not in succession.
However, an authorization to pay is not an order unless the person authorized to pay is instructed to pay.
In business or commerce order is a stated intention. Order can be spoken or written. The purpose is to engage in a commercial transaction for specific products or services.
Legal Definition list
Related Legal Terms
- Abstraction [Banking]
- Accommodation Maker(Banking)
- Account [Banks & Banking]
- Acting in Concert [Banks & Banking]
- Affiliate [Banks & Banking]
- Affiliation Order
- Agreed Order
- Agreement on Border Environment Cooperation Commission
- Alcohol-Related Neurodevelopmental Disorders
- Alternate Payee to Qualified Domestic Relations Order