§ 3—412.
122 words·~1 min read·
/vt/3-50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 3—412. Obligation of issuer of note or cashier’s check
The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument
(i)according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or
(ii)if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in sections 3—115 and 3—407 of this title. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under section 3—415 of this title. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)