§ 70A-3-413 — Obligation of acceptor.

Utah § 70A-3-413

• Jurisdiction: Utah
• Title 70A: Uniform Commercial Code
• Ch. 70A-3: Uniform Commercial Code - Negotiable Instruments
• Part 70A-3-4: Liability of Parties

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, to the extent stated in Sections 70A-3-115 and 70A-3-407. The obligation is owed to a person entitled to enforce the draft or to the drawer or an indorser who paid the draft under Section 70A-3-414 or 70A-3-415.
(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.

Legislative History

Repealed and Re-enacted by Chapter 237, 1993 General Session