(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 42a-3-115 and 42a-3-407. The obligation is owed to a person entitled to enforce the draft or to the drawer or an endorser who paid the draft under section 42a-3-414 or 42a-3-415.
(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.
(1959, P.A. 133, S. 3-413; P.A. 91-304, S. 50.)
History: P.A. 91-304 substantially revised former Subsec. (1) re the obligation of an acceptor to pay the draft, deleted Subsec. (2) re the obligation of the drawer and deleted Subsec. (3) re the admission of the existence of the payee and his capacity to endorse.
See Sec. 42a-3-412 for successor provisions to Sec. 42a-3-413(1), revised to 1991, re the obligation of the issuer of a note or cashier's check.
See Sec. 42a-3-414(b) and (e) for successor provisions to Sec. 42a-3-413(2), revised to 1991, re the obligation of the drawer.
Cited. 179 C. 349; 189 C. 591; 202 C. 277; 205 C. 604; 208 C. 248; 218 C. 162.