§ 41-03-52 — (3-415) Obligation of endorser

1. Subject to subsections 2, 3, and 4 and to subsection 4 of section 41-03-56, if an
instrument is dishonored, an endorser is obliged to pay the amount due on the
instrument according to the terms of the instrument at the time it was endorsed or, if
the endorser endorsed an incomplete instrument, according to its terms when
completed as stated in sections 41-03-15 and 41-03-44. The obligation of the endorser
is owed to a person entitled to enforce the instrument or to a subsequent endorser that
paid the instrument pursuant to this section.
2. If an endorsement states that it is made "without recourse" or otherwise disclaims
liability of the endorser, the endorser is not liable under subsection 1 to pay the
instrument.
3. If notice of dishonor of an instrument is required by section 41-03-60 and notice of
dishonor complying with that section is not given to an endorser, the liability of the
endorser under subsection 1 is discharged.
4. If a draft is accepted by a bank after an endorsement is made, the liability of the
endorser under subsection 1 is discharged.
5. If an endorser of a check is liable under subsection 1 and the check is not presented
for payment or given to a depositary bank for collection within thirty days after the day
the endorsement was made, the liability of the endorser under subsection 1 is
discharged.