Ky. Rev. Stat. § 355.3-412

Current through 2024 Ky. Acts ch. 225

Section 355.3-412 - Obligation of issuer of note or cashier's check

The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument:

(1) 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

(2) If the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in KRS 355.3-115 and 355.3-407.

The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under KRS 355.3-415.

KRS 355.3-412

Effective:1/1/1997
Repealed and reenacted 1996, Ky. Acts ch. 130, sec. 50, effective1/1/1997. -- Amended 1964 Ky. Acts ch. 130, sec. 5, effective 7/1/1964. -- Created 1958 Ky. Acts ch. 77, sec. 3-412, effective 7/1/1960.