New York § 3-413 Contract of Maker, Drawer and Acceptor

New York Statutes

§ 3-413 — Contract of Maker, Drawer and Acceptor

New York·Law UCC Uniform Commercial Code·Part 4 Liability of Parties·Art. 3 Commercial Paper

Section 3--413. Contract of Maker, Drawer and Acceptor.\n  (1) The maker or acceptor engages that he will pay the instrument\naccording to its tenor at the time of his engagement or as completed\npursuant to Section 3--115 on incomplete instruments.\n  (2) The drawer engages that upon dishonor of the draft and any\nnecessary notice of dishonor or protest he will pay the amount of the\ndraft to the holder or to any indorser who takes it up. The drawer may\ndisclaim this liability by drawing without recourse.\n  (3) By making, drawing or accepting the party admits as against all\nsubsequent parties including the drawee the existence of the payee and\nhis then capacity to indorse.\n

Free access — add to your briefcase to read the full text and ask questions with AI

Section 3--413. Contract of Maker, Drawer and Acceptor.\n (1) The maker or acceptor engages that he will pay the instrument\naccording to its tenor at the time of his engagement or as completed\npursuant to Section 3--115 on incomplete instruments.\n (2) The drawer engages that upon dishonor of the draft and any\nnecessary notice of dishonor or protest he will pay the amount of the\ndraft to the holder or to any indorser who takes it up. The drawer may\ndisclaim this liability by drawing without recourse.\n (3) By making, drawing or accepting the party admits as against all\nsubsequent parties including the drawee the existence of the payee and\nhis then capacity to indorse.\n

New York § 3-413 (Contract of Maker, Drawer and Acceptor) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.