(1) The maker or acceptor engages that he will pay the instrument
according to its tenor at the time of his engagement or as completed
pursuant to Section 3--115 on incomplete instruments.
(2) The drawer engages that upon dishonor of the draft and any
necessary notice of dishonor or protest he will pay the amount of the
draft to the holder or to any indorser who takes it up. The drawer may
disclaim this liability by drawing without recourse.
(3) By making, drawing or accepting the party admits as against all
subsequent parties including the drawee the existence of the payee and
his then capacity to indorse.
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.