Ohio Code 1303.52 – Obligation of issuer of note or cashier’s check – UCC 3-412
Current as of: 2023 | Check for updates
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The issuer of a notice or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument in accordance with either of the following:
Terms Used In Ohio Code 1303.52
- Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Ohio Code 1303.01
- Issuer: means a maker or drawer of an issued or unissued instrument. See Ohio Code 1303.01
- 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.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
(A) 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;
(B) If the issuer signed an incomplete instrument, according to its terms when completed in accordance with sections 1303.11 and 1303.50 of the Revised Code. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under section 1303.55 of the Revised Code.