Illinois Compiled Statutes
810 ILCS 5/3-412 (2026)
Obligation of issuer of note or cashier's check
✓ current as of May 2026
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(810 ILCS 5/3-412)
(from Ch. 26, par. 3-412)
Sec. 3-412.
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 is obliged to pay the instrument (i) 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 (ii) if
the issuer signed an incomplete instrument, according to its
terms when completed, to the extent stated in Sections 3-115 and
3-407. The obligation is owed to a person entitled to enforce the
instrument or to an indorser who paid the instrument under Section 3-415.
(Source: P.A. 87-582; 87-1135.)
Notes of Decisions
Cited in 1
case, 1998–1998 · leading case: First of Am. Bank-Ill, N.A. v. Drum (Ill. App. Ct. 1998).
First of Am. Bank-Ill, N.A. v. Drum (Ill. App. Ct. 1998). “Vincent finally argues that even if he were merely a comaker of the note, jointly and severally obligated for its payment, (1) he was only obliged to pay the instrument "according to its terms at the time it was issued" (810 ILCS 5/3-412 (West 1996)), (2) the Bank's actions in…”
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