Kentucky Statutes 355.3-412 – Obligation of issuer of note or cashier’s check
Current as of: 2024 | Check for updates
|
Other versions
The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument:
(1) 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
(2) If the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in KRS § 355.3-115 and KRS § 355.3-407.
The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under KRS § 355.3-415.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 50, effective January 1,
1997. — Amended 1964 Ky. Acts ch. 130, sec. 5, effective July 1, 1964. — Created
1958 Ky. Acts ch. 77, sec. 3-412, effective July 1, 1960.
(1) 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
Terms Used In Kentucky Statutes 355.3-412
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(2) If the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in KRS § 355.3-115 and KRS § 355.3-407.
The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under KRS § 355.3-415.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 50, effective January 1,
1997. — Amended 1964 Ky. Acts ch. 130, sec. 5, effective July 1, 1964. — Created
1958 Ky. Acts ch. 77, sec. 3-412, effective July 1, 1960.