8.3A-413 - A-413. Obligation of acceptor. - Virginia Statutes

§ 8.3A-413. Obligation of acceptor.

(a) The acceptor of a draft is obliged to pay the draft (i) according to itsterms at the time it was accepted, even though the acceptance states that thedraft is payable "as originally drawn" or equivalent terms, (ii) if theacceptance varies the terms of the draft, according to the terms of the draftas varied, or (iii) if the acceptance is of a draft that is an incompleteinstrument, according to its terms when completed, to the extent stated in §§8.3A-115 and 8.3A-407. The obligation is owed to a person entitled toenforce the draft or to the drawer or an endorser who paid the draft under §8.3A-414 or § 8.3A-415.

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

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