Colorado Revised Statutes

Colo. Rev. Stat. § 4-3-415 (2026)

Obligation of indorser

✓ current as of July 2026

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(a) Subject to subsections (b), (c), (d) and (e) of this section and to section 4-3-419 (d), if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument (i) according to the terms of the instrument at the time it was indorsed, or (ii) if the indorser indorsed an incomplete instrument, according to its terms when completed, to the extent stated in sections 4-3-115 and 4-3-407. The obligation of the indorser is owed to a person entitled to enforce the instrument or to a subsequent indorser who paid the instrument under this section.

(b) If an indorsement states that it is made "without recourse" or otherwise disclaims liability of the indorser, the indorser is not liable under subsection (a) of this section to pay the instrument.

(c) If notice of dishonor of an instrument is required by section 4-3-503 and notice of dishonor complying with that section is not given to an indorser, the liability of the indorser under subsection (a) of this section is discharged.

(d) If a draft is accepted by a bank after an indorsement is made, the liability of the indorser under subsection (a) of this section is discharged.

(e) If an indorser of a check is liable under subsection (a) of this section and the check is not presented for payment, or given to a depositary bank for collection, within thirty days after the day the indorsement was made, the liability of the indorser under subsection (a) of this section is discharged.

Source: L. 94: Entire article R&RE, p. 868, § 1, effective January 1, 1995.

Editor's note: This section is similar to former § 4-3-414 as it existed prior to 1994.

Notes of Decisions

Cited in 4 cases, 1975–2011 · leading case: Flatiron Linen, Inc. v. First Am. State Bank, 1 P.3d 244 (Colo. Ct. App. 2000).

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Flatiron Linen, Inc. v. First Am. State Bank, 1 P.3d 244 (Colo. Ct. App. 2000). · cites it 2× “The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under section 4-3-415 [obligation of indorser].”

Bd. of Cnty. Commissions v. Park Cnty. Sportsmen's Ranch, LLP, 271 P.3d 562 (Colo. Ct. App. 2011). · cites it 8× “1982) (applying the prior accommodation party statute, former section 4-3-415). There, the division rejected accommodation party status, explaining: "Where parties sign a note as individuals .”

United States v. Pauling, 60 M.J. 91 (C.A.A.F. 2004). “” C.R.S. § 4-3-415. However, this provision must be read in light of the Colorado Code’s treatment of unauthorized signatures.”

Lasky v. Berger, 536 P.2d 1157 (Colo. Ct. App. 1975). · cites it 2× “Pursuant to § 4-3-415(1), C.R.S. 1973 (C.R.S.1963, XXX-X-XXX(1)), Lasky would qualify as an accommodation party only if his purpose in signing the note was to lend his name as a surety to Berger.”

— Colo. Rev. Stat. § 4-3-415(1) — 1 case

Lasky v. Berger, 536 P.2d 1157 (Colo. Ct. App. 1975). “Pursuant to § 4-3-415(1), C.R.S. 1973 (C.R.S.1963, XXX-X-XXX(1)), Lasky would qualify as an accommodation party only if his purpose in signing the note was to lend his name as a surety to Berger.”

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