New Jersey Statutes 12A:3-408. Drawee not liable on unaccepted draft
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Terms Used In New Jersey Statutes 12A:3-408
- Drawee: means a person ordered in a draft to make payment. See New Jersey Statutes 12A:3-103
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.
L.1995,c.28,s.1.