South Carolina Statutes
§ 36-3-408 — Drawee not liable on unaccepted draft.
A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.
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South Carolina § 36-3-408 (Drawee not liable on unaccepted draft.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 10.3-408; 1966 (54) 2716; 2008 Act No. 204, SECTION 2, eff July 1, 2008.
Nearby Sections
15
§ 36-3-101
Short title.§ 36-3-102
Subject matter.§ 36-3-103
Definitions.§ 36-3-104
Negotiable instrument.§ 36-3-105
Issue of instrument.§ 36-3-106
Unconditional promise or order.§ 36-3-107
Instrument payable in foreign money.§ 36-3-108
Payable on demand or at definite time.§ 36-3-109
Payable to bearer or order.§ 36-3-111
Place of payment.§ 36-3-112
Interest.§ 36-3-113
Date of instrument.§ 36-3-114
Contradictory terms of instrument.§ 36-3-115
Incomplete instrument.