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 42a-3-115 and 42a-3-407. The obligation is owed to a person entitled to enforce the instrument or to an endorser who paid the instrument under section 42a-3-415.
(1959, P.A. 133, S. 3-412; 1963, P.A. 526, S. 5; P.A. 91-304, S. 49.)
History: 1963 act deleted word “continental” referring to “United States” in Subsec. (2); P.A. 91-304 entirely replaced former provisions re an acceptance which varies the terms of a draft with provisions re the obligation of the issuer of a note or cashier's check, a restatement in part of Sec. 42a-3-413(1), revised to 1991.
See Sec. 42a-3-410 for successor provisions to Sec. 42a-3-412, revised to 1991, re an acceptance which varies the terms of a draft.
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