(1) A check or other draft does not of itself operate as an assignment
of any funds in the hands of the drawee available for its payment, and
the drawee is not liable on the instrument until he accepts it.
(2) Nothing in this section shall affect any liability in contract,
tort or otherwise arising from any letter of credit or other obligation
or representation which is not an acceptance.
Structure New York Laws
3-402 - Signature in Ambiguous Capacity.
3-403 - Signature by Authorized Representative.
3-404 - Unauthorized Signatures.
3-405 - Impostors; Signature in Name of Payee.
3-406 - Negligence Contributing to Alteration or Unauthorized Signature.
3-409 - Draft Not an Assignment.
3-410 - Definition and Operation of Acceptance.
3-411 - Certification of a Check.
3-412 - Acceptance Varying Draft.
3-413 - Contract of Maker, Drawer and Acceptor.
3-414 - Contract of Indorser; Order of Liability.
3-415 - Contract of Accommodation Party.
3-416 - Contract of Guarantor.
3-417 - Warranties on Presentment and Transfer.