California Codes
Cal. Commercial Code § 3412 (2026)
✓ current as of May 2026
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The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument (a) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or (b) if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in Sections 3115 and 3407. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under Section 3415.
Notes of Decisions
Cited in 2
cases (1 in the last 5 years), 2007–2021 · leading case: In Re Flamingo 55, Inc., 378 B.R. 893 (Bankr. D. Nev. 2007).
In Re Flamingo 55, Inc., 378 B.R. 893 (Bankr. D. Nev. 2007). “according to its terms at the time it was issued” Cal. Comm.Code § 3412. Flamingo 55 was also a maker, but that fact is irrelevant to BA’s liability to Datacom; BA and Flamingo 55 were jointly and severally liable under the terms of the law and the note.”
In re: Kimberly Dawn Franklin (9th Cir. BAP 2021). “Cal. Com. Code § 3412 . Debtor alleges that the endorsements by First Magnus and RFC are invalid and therefore one of those parties retains the beneficial interest in the note.”
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