§3-413. Obligation of acceptor

Link to law: http://legislature.vermont.gov/statutes/section/09A/003/00413
Published: 2015

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3-413. Obligation of acceptor

(a) The acceptor

of a draft is obliged to pay the draft (i) according to its terms at the time

it was accepted, even though the acceptance states that the draft is payable

"as originally drawn" or equivalent terms, (ii) if the acceptance

varies the terms of the draft, according to the terms of the draft as varied,

or (iii) if the acceptance is of a draft that is an incomplete instrument,

according to its terms when completed, to the extent stated in sections 3-115

and 3-407 of this title. The obligation is owed to a person entitled to enforce

the draft or to the drawer or an indorser who paid the draft under section

3-414 or 3-415 of this title.

(b) If the

certification of a check or other acceptance of a draft states the amount

certified or accepted, the obligation of the acceptor is that amount. If (i)

the certification or acceptance does not state an amount, (ii) the amount of

the instrument is subsequently raised, and (iii) the instrument is then

negotiated to a holder in due course, the obligation of the acceptor is the

amount of the instrument at the time it was taken by the holder in due course.

(Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)