400.3-413. Obligation of acceptor. - Missouri Statutes

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Statutes > Missouri > T26 > C400 > 400_3-413

Obligation of acceptor.

400.3-413. (a) The acceptor of a draft is obliged to paythe draft (i) according to its terms at the time it was accepted,even though the acceptance states that the draft is payable "asoriginally drawn" or equivalent terms, (ii) if the acceptancevaries the terms of the draft, according to the terms of thedraft as varied, or (iii) if the acceptance is of a draft that isan incomplete instrument, according to its terms when completed,to the extent stated in Sections 400.3-115 and 400.3-407. Theobligation is owed to a person entitled to enforce the draft orto the drawer or an endorser who paid the draft under Section400.3-414 or 400.3-415.

(b) If the certification of a check or other acceptance ofa draft states the amount certified or accepted, the obligationof the acceptor is that amount. If (i) the certification oracceptance does not state an amount, (ii) the amount of theinstrument is subsequently raised, and (iii) the instrument isthen negotiated to a holder in due course, the obligation of theacceptor is the amount of the instrument at the time it was takenby the holder in due course.

(L. 1992 S.B. 448)
*No continuity with § 400.3-413 as repealed by L. 1992 S.B. 448.

State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_3-413

Obligation of acceptor.

400.3-413. (a) The acceptor of a draft is obliged to paythe draft (i) according to its terms at the time it was accepted,even though the acceptance states that the draft is payable "asoriginally drawn" or equivalent terms, (ii) if the acceptancevaries the terms of the draft, according to the terms of thedraft as varied, or (iii) if the acceptance is of a draft that isan incomplete instrument, according to its terms when completed,to the extent stated in Sections 400.3-115 and 400.3-407. Theobligation is owed to a person entitled to enforce the draft orto the drawer or an endorser who paid the draft under Section400.3-414 or 400.3-415.

(b) If the certification of a check or other acceptance ofa draft states the amount certified or accepted, the obligationof the acceptor is that amount. If (i) the certification oracceptance does not state an amount, (ii) the amount of theinstrument is subsequently raised, and (iii) the instrument isthen negotiated to a holder in due course, the obligation of theacceptor is the amount of the instrument at the time it was takenby the holder in due course.

(L. 1992 S.B. 448)
*No continuity with § 400.3-413 as repealed by L. 1992 S.B. 448.

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State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_3-413

Obligation of acceptor.

400.3-413. (a) The acceptor of a draft is obliged to paythe draft (i) according to its terms at the time it was accepted,even though the acceptance states that the draft is payable "asoriginally drawn" or equivalent terms, (ii) if the acceptancevaries the terms of the draft, according to the terms of thedraft as varied, or (iii) if the acceptance is of a draft that isan incomplete instrument, according to its terms when completed,to the extent stated in Sections 400.3-115 and 400.3-407. Theobligation is owed to a person entitled to enforce the draft orto the drawer or an endorser who paid the draft under Section400.3-414 or 400.3-415.

(b) If the certification of a check or other acceptance ofa draft states the amount certified or accepted, the obligationof the acceptor is that amount. If (i) the certification oracceptance does not state an amount, (ii) the amount of theinstrument is subsequently raised, and (iii) the instrument isthen negotiated to a holder in due course, the obligation of theacceptor is the amount of the instrument at the time it was takenby the holder in due course.

(L. 1992 S.B. 448)
*No continuity with § 400.3-413 as repealed by L. 1992 S.B. 448.