70A-3-413 - Obligation of acceptor. - Utah Statutes

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Statutes > Utah > Title-70a > Chapter-03 > 70a-3-413

70A-3-413. Obligation of acceptor.
(1) The acceptor of a draft is obliged to pay the draft according to its terms at the time itwas accepted, even though the acceptance states that the draft is payable "as originally drawn" orequivalent terms, if the acceptance varies the terms of the draft, according to the terms of the draftas varied, or if the acceptance is of a draft that is an incomplete instrument, according to its termswhen completed, to the extent stated in Sections 70A-3-115 and 70A-3-407. The obligation isowed to a person entitled to enforce the draft or to the drawer or an indorser who paid the draftunder Section 70A-3-414 or 70A-3-415.
(2) If the certification of a check or other acceptance of a draft states the amount certifiedor accepted, the obligation of the acceptor is that amount. If the certification or acceptance doesnot state an amount, the amount of the instrument is subsequently raised, and the instrument isthen negotiated to a holder in due course, the obligation of the acceptor is the amount of theinstrument at the time it was taken by the holder in due course.

Repealed and Re-enacted by Chapter 237, 1993 General Session

State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-03 > 70a-3-413

70A-3-413. Obligation of acceptor.
(1) The acceptor of a draft is obliged to pay the draft according to its terms at the time itwas accepted, even though the acceptance states that the draft is payable "as originally drawn" orequivalent terms, if the acceptance varies the terms of the draft, according to the terms of the draftas varied, or if the acceptance is of a draft that is an incomplete instrument, according to its termswhen completed, to the extent stated in Sections 70A-3-115 and 70A-3-407. The obligation isowed to a person entitled to enforce the draft or to the drawer or an indorser who paid the draftunder Section 70A-3-414 or 70A-3-415.
(2) If the certification of a check or other acceptance of a draft states the amount certifiedor accepted, the obligation of the acceptor is that amount. If the certification or acceptance doesnot state an amount, the amount of the instrument is subsequently raised, and the instrument isthen negotiated to a holder in due course, the obligation of the acceptor is the amount of theinstrument at the time it was taken by the holder in due course.

Repealed and Re-enacted by Chapter 237, 1993 General Session

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State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-03 > 70a-3-413

70A-3-413. Obligation of acceptor.
(1) The acceptor of a draft is obliged to pay the draft according to its terms at the time itwas accepted, even though the acceptance states that the draft is payable "as originally drawn" orequivalent terms, if the acceptance varies the terms of the draft, according to the terms of the draftas varied, or if the acceptance is of a draft that is an incomplete instrument, according to its termswhen completed, to the extent stated in Sections 70A-3-115 and 70A-3-407. The obligation isowed to a person entitled to enforce the draft or to the drawer or an indorser who paid the draftunder Section 70A-3-414 or 70A-3-415.
(2) If the certification of a check or other acceptance of a draft states the amount certifiedor accepted, the obligation of the acceptor is that amount. If the certification or acceptance doesnot state an amount, the amount of the instrument is subsequently raised, and the instrument isthen negotiated to a holder in due course, the obligation of the acceptor is the amount of theinstrument at the time it was taken by the holder in due course.

Repealed and Re-enacted by Chapter 237, 1993 General Session