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Georgia State Code
Title      11
Chapter       3  
Section Navigation   101 ... 110       111 ... 201   
   202 ... 304       305 ... 402   
   403 ... 412         413 ... 502   
   503 ... 605     
Section<<< 413 414 415 416 417 418 419 420 501 502 >>>  
Title 11, Chapter 3, Section 413 (11-3-413)
Obligation of acceptor.

(a) The acceptor of a draft is obliged to pay the draft (i) according to its terms at the time it was accepted, even though the acceptance states that the draft is payable "as originally drawn" or equivalent terms; (ii) if the acceptance varies the terms of the draft, according to the terms of the draft as varied; or (iii) if the acceptance is of a draft that is an incomplete instrument, according to its terms when completed, to the extent stated in Code Sections 11-3-115 and 11-3-407. The obligation is owed to a person entitled to enforce the draft or to the drawer or an indorser who paid the draft under Code Section 11-3-414 or 11-3-415.

(b) If the certification of a check or other acceptance of a draft states the amount certified or accepted, the obligation of the acceptor is that amount. If the certification or acceptance does not state an amount, the amount of the instrument is subsequently raised, and the instrument is then negotiated to a holder in due course, the obligation of the acceptor is the amount of the instrument at the time it was taken by the holder in due course.

Saturday May 23 17:15 EDT


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