This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, defines and regulates the concept of alteration in commercial transactions. An alteration refers to an unauthorized change in an instrument that modifies the obligation of a party or an unauthorized addition/change to an incomplete instrument related to a party’s obligation. Fraudulent alterations discharge the party whose obligation is affected, unless they assent or are precluded from asserting the alteration.

A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it. Source. 1993, 346:1, eff. Jan. 1, 1994.

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.

(a) If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. (b) The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.

This section of the New Hampshire Revised Statutes, specifically under the Uniform Commercial Code, governs the refusal to pay cashier’s checks, teller’s checks, and certified checks. It applies to obligated banks, which are defined as the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer. If an obligated bank wrongfully refuses to pay a cashier’s check or certified check, stops payment of a teller’s check, or refuses to pay a dishonored teller’s check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment.

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.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the obligation of the acceptor of a draft. The acceptor is obliged to pay the draft according to its terms at the time of acceptance. If the acceptance varies the terms of the draft, the acceptor is obliged to pay according to the varied terms. If the acceptance is of an incomplete instrument, the acceptor is obliged to pay according to its terms when completed, as stated in Sections 3-115 and 3-407.

This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code, governs the obligation of the drawer. It applies to drawers of drafts, except for cashier’s checks or other drafts drawn on the drawer. If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time it was issued or when it first came into possession of a holder. If the drawer signed an incomplete instrument, the obligation is based on its terms when completed.

This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the obligation of an indorser in the case of a dishonored instrument. According to this provision, if an instrument is dishonored, the indorser is obligated to pay the amount due on the instrument. The indorser is required to pay according to the terms of the instrument at the time it was indorsed, or if the indorser indorsed an incomplete instrument, according to its terms when completed.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs transfer warranties for instruments. It applies to persons who transfer an instrument for consideration and subsequent transferees. The transferor warrants to the transferee and any subsequent transferees that they are entitled to enforce the instrument, all signatures on the instrument are authentic and authorized, the instrument has not been altered, the instrument is not subject to a defense or claim in recoupment, the warrantor has no knowledge of any insolvency proceeding, and if the instrument is a demand draft, its creation was authorized by the drawer.