§ 25-3-413. Obligation of acceptor. - North Carolina Statutes

§25‑3‑413.  Obligation of acceptor.

(a)        The acceptor of adraft is obliged to pay the draft (i) according to its terms at the time it wasaccepted, even though the acceptance states that the draft is payable "asoriginally drawn" or equivalent terms, (ii) if the acceptance varies theterms of the draft, according to the terms of the draft as varied, or (iii) ifthe acceptance is of a draft that is an incomplete instrument, according to itsterms when completed, to the extent stated in G.S. 25‑3‑115 and G.S.25‑3‑407. The obligation is owed to a person entitled to enforcethe draft or to the drawer or an indorser who paid the draft under G.S. 25‑3‑414or G.S. 25‑3‑415.

(b)        If thecertification of a check or other acceptance of a draft states the amount certifiedor accepted, the obligation of the acceptor is that amount. If (i) thecertification or acceptance does not state an amount, (ii) the amount of theinstrument is subsequently raised, and (iii) the instrument is then negotiatedto a holder in due course, the obligation of the acceptor is the amount of theinstrument at the time it was taken by the holder in due course. (1899,c. 733, ss. 60 to 62; Rev., ss. 2209 to 2211; C.S., ss. 3041 to 3043; 1965, c.700, s. 1; 1995, c. 232, s. 1.)