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Can you summarize KYRS 355.3-409?
Negotiable Instruments > Acceptance of draft -- Certified check.
Short Summary
This legal document governs the acceptance of drafts and certified checks. Acceptance refers to the drawee’s agreement to pay a draft as presented, which must be written on the draft and may consist of the drawee’s signature alone. Acceptance can be made at any time and becomes effective when notification is given or the accepted draft is delivered. A draft may be accepted even if it is incomplete, overdue, or has been dishonored. If a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith. Additionally, this document defines a certified check as a check accepted by the bank on which it is drawn. Acceptance of a certified check can be made by the drawee’s signature on the check or by a writing on the check indicating that it is certified. The drawee of a check is not obligated to certify it, and refusal to certify does not constitute dishonor of the check.
Whom does it apply to?
Drawees and holders of drafts and certified checks
What does it govern?
Acceptance of draft and certified checks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky