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 §3-1406. Negligence contributing to forged signature or alteration of instrument
§3-1406. Negligence contributing to forged signature or alteration of instrument (1). A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays […]
11 §3-1407. Alteration
§3-1407. Alteration (1). “Alteration” means: (a). An unauthorized change in an instrument that purports to modify in any respect the obligation of a party; or [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). An unauthorized addition of words or numbers or other change to an incomplete instrument related to the obligation of […]
11 §3-1408. Drawee not liable on unaccepted draft
§3-1408. 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 payment, and the drawee is not liable on the instrument until the drawee accepts it. [PL 1993, c. 293, Pt. A, §2 (NEW).] […]
11 §3-1409. Acceptance of draft; certified check
§3-1409. Acceptance of draft; certified check (1). “Acceptance” means the drawee’s signed agreement to pay a draft as presented. Acceptance must be written on the draft and may consist of the drawee’s signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is given or the accepted draft […]
11 §3-1410. Acceptance varying draft
§3-1410. Acceptance varying draft (1). If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. [PL 1993, c. 293, Pt. A, §2 (NEW).] (2). The terms of […]
11 §3-1411. Refusal to pay cashier’s checks, teller’s checks and certified checks
§3-1411. Refusal to pay cashier’s checks, teller’s checks and certified checks (1). In this section, “obligated bank” means the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer. [PL 1993, c. 293, Pt. A, §2 (NEW).] (2). The person asserting the right to enforce […]