13 Pennsylvania Consolidated Statutes Chapter 34 - Liability Of Parties

• Chapter Notes
• Section 3401 - Signature
  (a) Nonliability in absence of signature.--A person is not liable on an instrument unless: (1) the person signed the instrument; or (2) the person...
• Section 3402 - Signature By Representative
  (a) Represented person bound by signature.--If a person acting, or purporting to act, as a representative signs an instrument by signing either the name...
• Section 3403 - Unauthorized Signature
  (a) Ineffectiveness or ratification.--Unless otherwise provided in this division or Division 4 (relating to bank deposits and collections), an unauthorized signature is ineffective except...
• Section 3404 - Impostors; Fictitious Payees
  (a) Impostor.--If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor,...
• Section 3405 - Employer's Responsibility For Fraudulent Indorsement By Employee
  § 3405. Employer's responsibility for fraudulent indorsement by employee. (a) Definitions.--As used in this section, the following words and phrases shall have the meanings...
• Section 3406 - Negligence Contributing To Forged Signature Or Alteration Of Instrument
  § 3406. Negligence contributing to forged signature or alteration of instrument. (a) Failure to exercise ordinary care.--A person whose failure to exercise ordinary care...
• Section 3407 - Alteration
  (a) Definition of "alteration".--"Alteration" means: (1) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party;...
• Section 3408 - Drawee Not Liable On Unaccepted Draft
  A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its...
• Section 3409 - Acceptance Of Draft; Certified Check
  (a) Definition of "acceptance".--"Acceptance" means the drawee's signed agreement to pay a draft as presented. It must be written on the draft and may...
• Section 3410 - Acceptance Varying Draft
  (a) Right of holder to refuse acceptance.--If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder...
• Section 3411 - Refusal To Pay Cashier's Checks, Teller's Checks And Certified Checks
  § 3411. Refusal to pay cashier's checks, teller's checks and certified checks. (a) Definition.--As used in this section, the term "obligated bank" means the...
• Section 3412 - 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 according to its...
• Section 3413 - Obligation Of Acceptor
  (a) General rule.--The acceptor of a draft is obliged to pay the draft: (1) according to its terms at the time it was accepted,...
• Section 3414 - Obligation Of Drawer
  (a) Scope of section.--This section does not apply to cashier's checks or other drafts drawn on the drawer. (b) Obligation of drawer if unaccepted...
• Section 3415 - Obligation Of Indorser
  (a) General rule.--Subject to subsections (b), (c) and (d) and to section 3419(d) (relating to instruments signed for accommodation), if an instrument is dishonored,...
• Section 3416 - Transfer Warranties
  (a) Warranties to transferees.--A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by indorsement, to any...
• Section 3417 - Presentment Warranties
  (a) Statement of warranties.--If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft,...
• Section 3418 - Payment Or Acceptance By Mistake
  (a) General rule.--Except as provided in subsection (c), if the drawee of a draft pays or accepts the draft and the drawee acted on...
• Section 3419 - Instruments Signed For Accommodation
  (a) Accommodation party.--If an instrument is issued for value given for the benefit of a party to the instrument ("accommodated party") and another party...
• Section 3420 - Conversion Of Instrument
  (a) General rule.--The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer,...

Last modified: October 8, 2016