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Current as of January 01, 2022 | Updated by FindLaw Staff
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 4-3-115 and 4-3-407. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under section 4-3-415.
Cite this article: FindLaw.com - Colorado Revised Statutes Title 4. Uniform Commercial Code § 4-3-412. Obligation of issuer of note or cashier's check - last updated January 01, 2022 | https://codes.findlaw.com/co/title-4-uniform-commercial-code/co-rev-st-sect-4-3-412/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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