§490:3-412 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 490:3-115 and 490:3-407. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under section 490:3-415. [L 1991, c 118, pt of §1]
Section: Previous 490-3-405 490-3-406 490-3-407 490-3-408 490-3-409 490-3-410 490-3-411 490-3-412 490-3-413 490-3-414 490-3-415 490-3-416 490-3-417 490-3-418 490-3-419 NextLast modified: October 27, 2016