(1) Where a draft is drawn in a set of parts, each of which is
numbered and expressed to be an order only if no other part has been
honored, the whole of the parts constitutes one draft but a taker of any
part may become a holder in due course of the draft.
(2) Any person who negotiates, indorses or accepts a single part of a
draft drawn in a set thereby becomes liable to any holder in due course
of that part as if it were the whole set, but as between different
holders in due course to whom different parts have been negotiated the
holder whose title first accrues has all rights to the draft and its
proceeds.
(3) As against the drawee the first presented part of a draft drawn in
a set is the part entitled to payment, or if a time draft to acceptance
and payment. Acceptance of any subsequently presented part renders the
drawee liable thereon under subsection (2). With respect both to a
holder and to the drawer payment of a subsequently presented part of a
draft payable at sight has the same effect as payment of a check
notwithstanding an effective stop order (Section 4--407).
(4) Except as otherwise provided in this section, where any part of a
draft in a set is discharged by payment or otherwise the whole draft is
discharged.