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.
Source: L. 94: Entire article R&RE, p. 865, § 1, effective January 1, 1995.
Editor's note: This section is similar to former § 4-3-409 as it existed prior to 1994.
Structure Colorado Code
Title 4 - Uniform Commercial Code
Article 3 - Negotiable Instruments
§ 4-3-402. Signature by Representative
§ 4-3-403. Unauthorized Signature
§ 4-3-404. Impostors; Fictitious Payees
§ 4-3-405. Employer's Responsibility for Fraudulent Indorsement by Employee
§ 4-3-406. Negligence Contributing to Forged Signature or Alteration of Instrument
§ 4-3-408. Drawee Not Liable on Unaccepted Draft
§ 4-3-409. Acceptance of Draft; Certified Check
§ 4-3-410. Acceptance of Varying Draft
§ 4-3-411. Refusal to Pay Cashier's Checks, Teller's Checks, and Certified Checks
§ 4-3-412. Obligation of Issuer of Note or Cashier's Check
§ 4-3-413. Obligation of Acceptor
§ 4-3-414. Obligation of Drawer
§ 4-3-415. Obligation of Indorser
§ 4-3-416. Transfer Warranties
§ 4-3-417. Presentment Warranties
§ 4-3-418. Payment or Acceptance by Mistake