Can you summarize KYRS 355.3-412?

Short Summary

The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument: (1) 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 (2) If the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in KRS 355.3-115 and 355.3-407. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under KRS 355.3-415. Effective: January 1, 1997 History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 50, effective January 1, 1997. – Amended 1964 Ky. Acts ch. 130, sec. 5, effective July 1, 1964. – Created 1958 Ky. Acts ch. 77, sec. 3-412, effective July 1, 1960.

Jurisdiction

Kentucky

Source

• Banking