U.C.C. - ARTICLE 3 -§3-408.

U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS
..PART 4. LIABILITY OF PARTIES

§ 3-408. DRAWEE NOT LIABLE ON UNACCEPTED DRAFT.

A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.

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© Copyright 2005 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; reproduced, published and distributed with the permission of the Permanent Editorial Board for the Uniform Commercial Code for the limited purposes of study, teaching, and academic research.

U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS ..PART 4. LIABILITY OF PARTIES

§ 3-408. DRAWEE NOT LIABLE ON UNACCEPTED DRAFT.

U.C.C. - ARTICLE 3 - NEGOTIABLE INSTRUMENTS
..PART 4. LIABILITY OF PARTIES