§ 6A-3-413 - Obligation of acceptor. - Rhode-island Statutes

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SECTION 6A-3-413

§ 6A-3-413 Obligation of acceptor. –(a) The acceptor of a draft is obliged to pay the draft (i) according to itsterms at the time it was accepted, even though the acceptance states that thedraft is payable "as originally drawn" or equivalent terms, (ii) if theacceptance varies the terms of the draft, according to the terms of the draftas varied, or (iii) if the acceptance is of a draft that is an incompleteinstrument, according to its terms when completed, to the extent stated in§§ 6A-3-115 and 6A-3-407. The obligation is owed to a person entitledto enforce the draft or to the drawer or an indorser who paid the draft under§ 6A-3-414 or 6A-3-415.

(b) If the certification of a check or other acceptance of adraft states the amount certified or accepted, the obligation of the acceptoris that amount. If (i) the certification or acceptance does not state anamount, (ii) the amount of the instrument is subsequently raised, and (iii) theinstrument is then negotiated to a holder in due course, the obligation of theacceptor is the amount of the instrument at the time it was taken by the holderin due course.

State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-3 > 6a-3-413

SECTION 6A-3-413

§ 6A-3-413 Obligation of acceptor. –(a) The acceptor of a draft is obliged to pay the draft (i) according to itsterms at the time it was accepted, even though the acceptance states that thedraft is payable "as originally drawn" or equivalent terms, (ii) if theacceptance varies the terms of the draft, according to the terms of the draftas varied, or (iii) if the acceptance is of a draft that is an incompleteinstrument, according to its terms when completed, to the extent stated in§§ 6A-3-115 and 6A-3-407. The obligation is owed to a person entitledto enforce the draft or to the drawer or an indorser who paid the draft under§ 6A-3-414 or 6A-3-415.

(b) If the certification of a check or other acceptance of adraft states the amount certified or accepted, the obligation of the acceptoris that amount. If (i) the certification or acceptance does not state anamount, (ii) the amount of the instrument is subsequently raised, and (iii) theinstrument is then negotiated to a holder in due course, the obligation of theacceptor is the amount of the instrument at the time it was taken by the holderin due course.

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State Codes and Statutes

Statutes > Rhode-island > Title-6a > Chapter-6a-3 > 6a-3-413

SECTION 6A-3-413

§ 6A-3-413 Obligation of acceptor. –(a) The acceptor of a draft is obliged to pay the draft (i) according to itsterms at the time it was accepted, even though the acceptance states that thedraft is payable "as originally drawn" or equivalent terms, (ii) if theacceptance varies the terms of the draft, according to the terms of the draftas varied, or (iii) if the acceptance is of a draft that is an incompleteinstrument, according to its terms when completed, to the extent stated in§§ 6A-3-115 and 6A-3-407. The obligation is owed to a person entitledto enforce the draft or to the drawer or an indorser who paid the draft under§ 6A-3-414 or 6A-3-415.

(b) If the certification of a check or other acceptance of adraft states the amount certified or accepted, the obligation of the acceptoris that amount. If (i) the certification or acceptance does not state anamount, (ii) the amount of the instrument is subsequently raised, and (iii) theinstrument is then negotiated to a holder in due course, the obligation of theacceptor is the amount of the instrument at the time it was taken by the holderin due course.