Acceptance of varying draft.

Checkout our iOS App for a better way to browser and research.

(a) 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.

  1. The terms of a draft are not varied by an acceptance to pay at a particular bank orplace in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.

  2. If the holder assents to an acceptance varying the terms of a draft, the obligation ofeach drawer and indorser that does not expressly assent to the acceptance is discharged.

Source: L. 94: Entire article R&RE, p. 866, § 1, effective January 1, 1995.

Editor's note: This section is similar to former § 4-3-412 as it existed prior to 1994.


Download our app to see the most-to-date content.