(a) This Section does not apply to cashier's checks or other drafts drawn on the drawer.
(b) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft (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 drawer signed an incomplete
instrument, according to its terms when completed as stated in Sections 3-115 and
3-407. The obligation is owed to a person entitled to enforce the draft or to an indorser
who paid the draft under Section 3-415.
(c) If a draft is accepted by a bank, the drawer is discharged, regardless of when
or by whom acceptance was obtained.
(d) If a draft is accepted and the acceptor is not a bank, the obligation of the drawer
to pay the draft if the draft is dishonored by the acceptor is the same as the obligation
of an indorser under Section 3-415(a) and (c).
(e) If a draft states that it is drawn “without recourse” or otherwise disclaims liability
of the drawer to pay the draft, the drawer is not liable under subsection (b) to pay
the draft if the draft is not a check. A disclaimer of the liability stated in subsection (b) is not effective if the draft
is a check.
(f) If (i) a check is not presented for payment or given to a depositary bank for
collection within 30 days after its date, (ii) the drawee suspends payments after
expiration of the 30-day period without paying the check, and (iii) because of the
suspension of payments, the drawer is deprived of funds maintained with the drawee
to cover payment of the check, the drawer to the extent deprived of funds may discharge
its obligation to pay the check by assigning to the person entitled to enforce the
check the rights of the drawer against the drawee with respect to the funds.
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