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LSDefine
Simple English definitions for legal terms
par item
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A quick definition of par item:
Par Item: A par item is a part of something bigger, like a piece of a puzzle. It can also refer to a document that promises to pay money, like a check. When a bank sends a par item to another bank, they don't charge any fees. In writing, an item is a small part of a bigger section, like a sentence in a paragraph. In ancient Rome, an iter was a way for people to travel through someone else's land on foot or horseback. It was like a path that people were allowed to use.
A more thorough explanation:
Definition: Par item refers to a piece of a whole, which may or may not be separated. In commercial law, it can also refer to a negotiable instrument or a promise or order to pay money handled by a bank for collection or payment. It does not include a payment order governed by division 11 of the UCC or a credit- or debit-card slip. An item that a drawee bank will remit to another bank without charge. In drafting, it is a subpart of text that is the next smaller unit than a subparagraph.
- An invoice for a purchase may have several items listed, such as the cost of each item, the quantity purchased, and the total cost. Each of these is a par item.
- A check that is deposited into a bank account is a par item that the bank will handle for collection or payment.
- A legal document may have several levels of subparts, such as sections, subsections, and items. An item is the next smaller unit than a subparagraph.
These examples illustrate how a par item is a smaller part of a larger whole. In commercial law, it refers to a specific type of negotiable instrument or payment order that a bank will handle. In drafting, it is a way to organize and structure legal documents.