§490:3-414  Obligation of drawer.  (a) 
This section does not apply to cashier's checks or other drafts drawn on the
drawer.



(b)  If an unaccepted draft is dishonored, the
drawer is obliged to pay the draft (i) 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 (ii) if the drawer signed an incomplete instrument, according to its
terms when completed, to the extent stated in sections 490:3-115 and
490:3-407.  The obligation is owed to a person entitled to enforce the draft or
to an indorser who paid the draft under section 490:3-415.



(c)  If a draft is accepted by a bank, the
drawer is discharged, regardless of when or by whom acceptance was obtained.



(d)  If a draft is accepted and the acceptor is
not a bank, the obligation of the drawer to pay the draft if the draft is
dishonored by the acceptor is the same as the obligation of an indorser under
section 490:3-415(a) and (c).



(e)  If a draft states that it is drawn
"without recourse" or otherwise disclaims liability of the drawer to
pay the draft, the drawer is not liable under subsection (b) to pay the draft
if the draft is not a check.  A disclaimer of the liability stated in
subsection (b) is not effective if the draft is a check.



(f)  If (i) a check is not presented for
payment or given to a depositary bank for collection within thirty days after
its date, (ii) the drawee suspends payments after expiration of the thirty-day
period without paying the check, and (iii) because of the suspension of
payments, the drawer is deprived of funds maintained with the drawee to cover
payment of the check, the drawer to the extent deprived of funds may discharge
its obligation to pay the check by assigning to the person entitled to enforce
the check the rights of the drawer against the drawee with respect to the
funds. [L 1991, c 118, pt of §1]