(a) The acceptor of a draft is obliged to pay the draft
(i) according to its terms at the time it was accepted, even though the acceptance states that the draft is payable "as originally drawn" or equivalent terms, (ii) if the acceptance varies the terms of the draft, according to the terms of the draft as varied, or (iii) if the acceptance is of a draft that is an incomplete instrument, according to its terms when completed, to the extent stated in sections 4-3-115 and 4-3-407. The obligation is owed to a person entitled to enforce the draft or to the drawer or an indorser who paid the draft under section 4-3-414 or 4-3-415.
(b) If the certification of a check or other acceptance of a draft states the amount certified or accepted, the obligation of the acceptor is that amount. If (i) the certification or acceptance does not state an amount, (ii) the amount of the instrument is subsequently raised, and (iii) the instrument is then negotiated to a holder in due course, the obligation of the acceptor is the amount of the instrument at the time it was taken by the holder in due course. Source: L. 94: Entire article R&RE, p. 867, § 1, effective January 1, 1995.
Editor's note: This section is similar to former § 4-3-413 as it existed prior to 1994.
Notes of Decisions
First Nat'l Bank v. Ford Motor Credit Co., 748 F. Supp. 1464 (D. Colo. 1990).
· cites it 2× “UCC § 3-413(2), Colo.Rev.Stat. § 4-3-413(2) (1973) (“The drawer engages that upon dishonor of the draft and any necessary notice of dishonor or protest he will pay the amount of the draft to the holder.”
Esecson v. Bushnell, 663 P.2d 258 (Colo. Ct. App. 1983).
“Sections 4-3-413(2) and 4-4-403, C.R.S.1973; see First National Bank v.”
Metro Nat'l Bank v. Roe, 675 P.2d 331 (Colo. Ct. App. 1983).
“Where, as here, the parol evidence is offered only to-show that the maker was to be considered secondarily liable on the note and does not unconditionally release him from all liability, the rejection of such evidence is proper.”
— Colo. Rev. Stat. § 4-3-413(1) — 1 case
Metro Nat'l Bank v. Roe, 675 P.2d 331 (Colo. Ct. App. 1983).
“Where, as here, the parol evidence is offered only to-show that the maker was to be considered secondarily liable on the note and does not unconditionally release him from all liability, the rejection of such evidence is proper.”
— Colo. Rev. Stat. § 4-3-413(2) — 2 cases
First Nat'l Bank v. Ford Motor Credit Co., 748 F. Supp. 1464 (D. Colo. 1990).
“UCC § 3-413(2), Colo.Rev.Stat. § 4-3-413(2) (1973) (“The drawer engages that upon dishonor of the draft and any necessary notice of dishonor or protest he will pay the amount of the draft to the holder.”
Esecson v. Bushnell, 663 P.2d 258 (Colo. Ct. App. 1983).
“Sections 4-3-413(2) and 4-4-403, C.R.S.1973; see First National Bank v.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.