8.3A-412 - A-412. Obligation of issuer of note or cashier's check. - Virginia Statutes

§ 8.3A-412. Obligation of issuer of note or cashier's check.

The issuer of a note or cashier's check or other draft drawn on the drawer isobliged to pay the instrument (i) according to its terms at the time it wasissued or, if not issued, at the time it first came into possession of aholder, or (ii) if the issuer signed an incomplete instrument, according toits terms when completed, to the extent stated in §§ 8.3A-115 and 8.3A-407.The obligation is owed to a person entitled to enforce the instrument or toan endorser who paid the instrument under § 8.3A-415.

(Code 1950, §§ 6-412 through 6-414; 1964, c. 219, § 8.3-413; 1992, c. 693.)