30-3-422. Obligation of acceptor
30-3-422. Obligation of acceptor. (1) An acceptor of a draft is obliged to pay the draft: (a) 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; (b) if the acceptance varies the terms of the draft, according to the terms of […]
30-3-423. Obligation of drawer
30-3-423. Obligation of drawer. (1) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft: (a) 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 (b) if the drawer signed an incomplete instrument, according to its terms […]
30-3-424. Presentment warranties
30-3-424. 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 the payment or […]
30-3-425. Payment or acceptance by mistake
30-3-425. Payment or acceptance by mistake. (1) Except as provided in subsection (3), if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that payment of the draft had not been stopped under 30-4-403, the signature of the purported drawer of the draft was authorized, or the […]
30-3-421. Refusal to pay cashier’s checks, teller’s checks, and certified checks
30-3-421. 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. (2) If the obligated bank wrongfully refuses to pay a cashier’s check or certified check, stops payment of a […]
30-3-412. Acceptance varying draft
30-3-412. 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. (2) The terms of the draft are not varied by an acceptance to pay at […]
30-3-413. Obligation of maker
30-3-413. Obligation of maker. (1) A maker of a note is obliged to pay the note: (a) 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 (b) if the maker signed an incomplete instrument, according to its terms when completed as […]
30-3-414. Obligation of indorser
30-3-414. Obligation of indorser. (1) Subject to subsections (2) through (4) and to 30-3-415(4), if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument according to the terms of the instrument at the time it was indorsed or if the indorser indorsed an incomplete instrument, according to its terms […]
30-3-415. Instruments signed for accommodation
30-3-415. Instruments signed for accommodation. (1) If an instrument is issued for value given for the benefit of a party to the instrument (“accommodated party”) and another party to the instrument (“accommodation party”) signs the instrument for the purpose of incurring liability on the instrument without being a direct beneficiary of the value given for the […]
30-3-416. Repealed
30-3-416. Repealed. Sec. 230, Ch. 410, L. 1991. History: En. Sec. 3-416, Ch. 264, L. 1963; R.C.M. 1947, 87A-3-416.