§ 26-1-3.1-409 — Acceptance of draft; certified check

Indiana § 26-1-3.1-409

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 3.1: Negotiable Instruments

Text

(a) "Acceptance" means the drawee's
signed agreement to pay a draft as presented. It 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 is delivered for the
purpose of giving rights on the acceptance to any person.
(b) A draft may be accepted although it has not been signed by the
drawer, is otherwise incomplete, is overdue, or has been dishonored.
(c) If a draft is payable at a fixed period after sight and the acceptor
fails to date the acceptance, the holder may complete the acceptance by
supplying a date in good faith.
(d) "Certified check" means a check accepted by the bank on which
it is drawn. Acceptance may be made as stated in subsection (a) or by
a writing on the check which indicates that the check is certified. The
drawee of a check has no obligation to certify the check, and refusal to
certify is not dishonor of the check.

Legislative History

As added by P.L.222-1993, SEC.5.