Ala. Code § 7-3-413 (1975) Obligation of Acceptor

• Library: Alabama Statutes
• Edition: 2023
• Currency: Current with legislation from the 2023 Regular and Special Sessions.
• Year: 2023
• Citation: Ala. Code § 7-3-413 (1975)

(a) The acceptor of a draft is obliged to pay the draft (i) according to its terms at the time it was accepted, even tho...

(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 (i) the certification or acceptance does not state an amount, (ii) the amount of the instrument is subsequently raised, and (iii) the instrument is then negotiated to a holder in due course, the obligation of the acceptor is the amount of the instrument...

Cite as Ala. Code § 7-3-413 (1975)

History: Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, §1; added by Acts 1995, No. 95-668, p. 1381, §1.