California Commercial Code Section 3413
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California Laws > Commercial Code > California Commercial Code Section 3413
3413. (a) The acceptor of a draft is obliged to pay the draft (1)
according to its terms at the time it was accepted, even though the
acceptance states that the draft is payable "as originally drawn" or
equivalent terms, (2) if the acceptance varies the terms of the
draft, according to the terms of the draft as varied, or (3) if the
acceptance is of a draft that is an incomplete instrument, according
to its terms when completed, to the extent stated in Sections 3115
and 3407. The obligation is owed to a person entitled to enforce the
draft or to the drawer or an indorser who paid the draft under
Section 3414 or 3415.
(b) If the certification of a check or other acceptance of a draft
states the amount certified or accepted, the obligation of the
acceptor is that amount. If (1) the certification or acceptance does
not state an amount, (2) the amount of the instrument is subsequently
raised, and (3) the instrument is then negotiated to a holder in due
course, the obligation of the acceptor is the amount of the
instrument at the time it was taken by the holder in due course.
Section: 3413
Last modified: February 22, 2013
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