§ 3412. Obligation of issuer of note or cashier's check. The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument 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 if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in sections 3115 (relating to incomplete instrument) and 3407 (relating to alteration). The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under section 3415 (relating to obligation of indorser).
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 34 - Liability of Parties
Section 3402 - Signature by representative
Section 3403 - Unauthorized signature
Section 3404 - Impostors; fictitious payees
Section 3405 - Employer's responsibility for fraudulent indorsement by employee
Section 3406 - Negligence contributing to forged signature or alteration of instrument
Section 3408 - Drawee not liable on unaccepted draft
Section 3409 - Acceptance of draft; certified check
Section 3410 - Acceptance varying draft
Section 3411 - Refusal to pay cashier's checks, teller's checks and certified checks
Section 3412 - Obligation of issuer of note or cashier's check
Section 3413 - Obligation of acceptor
Section 3414 - Obligation of drawer
Section 3415 - Obligation of indorser
Section 3416 - Transfer warranties
Section 3417 - Presentment warranties
Section 3418 - Payment or acceptance by mistake