The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument (i) 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 (ii) if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in Sections 3-115 and 3-407. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under Section 3-415.
Structure Delaware Code
Article 3. Negotiable Instruments
§ 3-402. Signature by representative.
§ 3-403. Unauthorized signature.
§ 3-404. Impostors; fictitious payees.
§ 3-405. Employer's responsibility for fraudulent indorsement by employee.
§ 3-406. Negligence contributing to forged signature or alteration of instrument.
§ 3-408. Drawee not liable on unaccepted draft.
§ 3-409. Acceptance of draft; certified check.
§ 3-410. Acceptance varying draft.
§ 3-411. Refusal to pay cashier's checks, teller's checks, and certified checks.
§ 3-412. Obligation of issuer of note or cashier's check.
§ 3-413. Obligation of acceptor.
§ 3-414. Obligation of drawer.
§ 3-415. Obligation of indorser.
§ 3-417. Presentment warranties.
§ 3-418. Payment or acceptance by mistake.