§ 41-03-50 — (3-413) Obligation of acceptor

North Dakota § 41-03-50

• Jurisdiction: North Dakota
• Title 41: Uniform Commercial Code
• Ch. 41-03: Negotiable Instruments

Text

1. The acceptor of a draft is obliged to pay the draft 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; if the acceptance varies the terms of the draft,
according to the terms of the draft as varied; or if the acceptance is of a draft that is an
incomplete instrument, according to its terms when completed as stated in sections
41-03-15 and 41-03-44. The obligation is owed to a person entitled to enforce the draft
or to the drawer or an endorser that paid the draft under section 41-03-51 or 41-03-52.
2. 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 the certification or
acceptance does not state an amount, the amount of the instrument is subsequently
raised, and 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.