Sec. 3.412. 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 (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.
Amended by Acts 1995, 74th Leg., ch. 921, Sec. 1, eff. Jan. 1, 1996.
Structure Texas Statutes
Title 1 - Uniform Commercial Code
Chapter 3 - Negotiable Instruments
Subchapter D. Liability of Parties
Section 3.402. Signature by Representative
Section 3.403. Unauthorized Signature
Section 3.404. Impostors; Fictitious Payees
Section 3.405. Employer's Responsibility for Fraudulent Indorsement by Employee
Section 3.406. Negligence Contributing to Forged Signature or Alteration of Instrument
Section 3.408. Drawee Not Liable on Unaccepted Draft
Section 3.409. Acceptance of Draft; Certified Check
Section 3.410. Acceptance Varying Draft
Section 3.411. Refusal to Pay Cashier's Checks, Teller's Checks, and Certified Checks
Section 3.412. Obligation of Issuer of Note or Cashier's Check
Section 3.413. Obligation of Acceptor
Section 3.414. Obligation of Drawer
Section 3.415. Obligation of Indorser
Section 3.416. Transfer Warranties
Section 3.417. Presentment Warranties
Section 3.418. Payment or Acceptance by Mistake