Section 45.03.412. Obligation of issuer of note or cashier's check.

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The issuer of a note, 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; if the issuer signed an incomplete instrument, the issuer is obligated to pay the instrument according to its terms when completed, to the extent stated in AS 45.03.115 and 45.03.407. The obligation is owed to a person entitled to enforce the instrument or to an endorser who paid the instrument under AS 45.03.415.

Notes

History

(Sec. 3.412 ch 114 SLA 1962; am Sec. 59 ch 35 SLA 1993)

                    
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