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Can you summarize NHRS 382-A:3-409?
UNIFORM COMMERCIAL CODE > Acceptance of Draft; Certified Check.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides definitions and rules regarding the acceptance of drafts and certified checks. It states that acceptance of a draft is the drawee’s signed agreement to pay the draft as presented, which can be made at any time and becomes effective upon notification or delivery. The document also clarifies that a draft may be accepted even if it is incomplete, overdue, or dishonored. Additionally, it explains that 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. Furthermore, the document defines a certified check as a check accepted by the bank on which it is drawn, and it explains that acceptance of a certified check can be indicated by the drawee’s signature or by a writing on the check. It emphasizes that the drawee of a check has no obligation to certify it, and refusal to certify does not constitute dishonor of the check. Overall, this legal document provides the necessary guidelines and definitions for the acceptance of drafts and certified checks in the state of New Hampshire.
Whom does it apply to?
Drawees, holders of drafts, banks
What does it govern?
Acceptance of Draft; Certified Check
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
New Hampshire