Section 3-606 - Restrictions on certification of drafts. - Maryland Statutes

§ 3-606. Restrictions on certification of drafts.
 

(a)  General rule.- An officer, employee, or agent of a commercial bank may not certify any draft drawn on the commercial bank unless the drawer has on deposit an amount equal to at least the amount of the draft. 

(b)  Certification effective.- If a draft is certified in violation of this section by a person who is authorized to certify drafts, it is a valid obligation of the commercial bank. 
 

[An. Code 1957, art. 11, § 93; 1980, ch. 33, § 2.]