§490:3-415  Obligation of indorser. 
(a)  Subject to subsections (b), (c), and (d) and to section 490:3-419(d), if
an instrument is dishonored, an indorser is obliged to pay the amount due on
the instrument (i) according to the terms of the instrument at the time it was
indorsed, or (ii) if the indorser indorsed an incomplete instrument, according
to its terms when completed, to the extent stated in sections 490:3-115 and
490:3-407.  The obligation of the indorser is owed to a person entitled to
enforce the instrument or to a subsequent indorser who paid the instrument
under this section.



(b)  If an indorsement states that it is made
"without recourse" or otherwise disclaims liability of the indorser,
the indorser is not liable under subsection (a) to pay the instrument.



(c)  If notice of dishonor of an instrument is
required by section 490:3-503 and notice of dishonor complying with that
section is not given to an indorser, the liability of the indorser under
subsection (a) is discharged.



(d)  If a draft is accepted by a bank after an
indorsement is made, the liability of the indorser under subsection (a) is
discharged.



(e)  If an indorser of a check is liable under
subsection (a) and the check is not presented for payment, or given to a
depositary bank for collection, within thirty days after the day the
indorsement was made, the liability of the indorser under subsection (a) is
discharged. [L 1991, c 118, pt of §1]