11 §3-1417. Presentment warranties
§3-1417. Presentment warranties (1). If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant to the drawee making payment or […]
11 §3-1418. Payment or acceptance by mistake
§3-1418. Payment or acceptance by mistake (1). Except as provided in subsection (3), the drawee may recover the amount of the draft from the person to whom or for whose benefit payment was made or, in the case of acceptance, may revoke the acceptance if the drawee of a draft pays or accepts the draft […]
11 §3-1419. Instruments signed for accommodation
§3-1419. Instruments signed for accommodation (1). If an instrument is issued for value given for the benefit of a party to the instrument, in this section referred to as the “accommodated party,” and another party to the instrument, in this section referred to as the “accommodation party,” signs the instrument for the purpose of incurring […]
11 §3-1420. Conversion of instrument
§3-1420. Conversion of instrument (1). The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the instrument for a person […]
11 §3-1501. Presentment
§3-1501. Presentment (1). “Presentment” means a demand made by or on behalf of a person entitled to enforce an instrument: (a). To pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank; […]
11 §3-1502. Dishonor
§3-1502. Dishonor (1). Dishonor of a note is governed by the following rules. (a). If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). […]
11 §3-1503. Notice of dishonor
§3-1503. Notice of dishonor (1). The obligation of an indorser stated in section 3-1415, subsection (1) and the obligation of a drawer stated in section 3-1414, subsection (4) may not be enforced unless: (a). The indorser or drawer is given notice of dishonor of the instrument complying with this section; or [PL 1993, […]
11 §3-1504. Excused presentment and notice of dishonor
§3-1504. Excused presentment and notice of dishonor (1). Presentment for payment or acceptance of an instrument is excused if: (a). The person entitled to present the instrument can not with reasonable diligence make presentment; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The maker or acceptor has repudiated an obligation to pay […]
11 §3-1505. Evidence of dishonor
§3-1505. Evidence of dishonor (1). The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (a). A document regular in form as provided in subsection (2) which purports to be a protest; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). A purported stamp […]
11 §3-1601. Discharge and effect of discharge
§3-1601. Discharge and effect of discharge (1). The obligation of a party to pay the instrument is discharged as stated in this Article or by an act or agreement with the party that would discharge an obligation to pay money under a simple contract. [PL 1993, c. 293, Pt. A, §2 (NEW).] (2). Discharge […]