Print

The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

003

:
Commercial Paper











 

§

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 3-115 and 3-407. The obligation is owed to a

person entitled to enforce the instrument or to an indorser who paid the

instrument under section 3-415. (Added 1993, No. 158 (Adj. Sess.), § 12, eff.

Jan. 1, 1995.)