The issuer of a note, cashier's check, or other draft drawn on the drawer is obliged to pay the instrument 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; if the issuer signed an incomplete instrument, the issuer is obligated to pay the instrument according to its terms when completed, to the extent stated in AS 45.03.115 and 45.03.407. The obligation is owed to a person entitled to enforce the instrument or to an endorser who paid the instrument under AS 45.03.415.
Section: Previous 45.03.405 45.03.406 45.03.407 45.03.408 45.03.409 45.03.410 45.03.411 45.03.412 45.03.413 45.03.414 45.03.415 45.03.416 45.03.417 45.03.418 45.03.419 NextLast modified: November 15, 2016