47-3412. Obligation of issuer of note or
cashier's check


The issuer of a note or cashier's check or other draft drawn on the drawer is
obliged to pay the instrument:


1. According to its terms at the time it was issued or, if not issued, at the time
it first came into possession of a holder; or


2. If the issuer signed an incomplete instrument, according to its terms when
completed, to the extent stated in sections 47-3115 and 47-3407. The obligation is owed
to a person entitled to enforce the instrument or to an indorser who paid the instrument
under section 47-3415.