Section 45.03.408. Drawee not liable on unaccepted draft.

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A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts the instrument.

Notes

History

(Sec. 3.408 ch 114 SLA 1962; am Sec. 55 ch 35 SLA 1993)

                    
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