Montana Code 30-3-413. Obligation of maker
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30-3-413. Obligation of maker. (1) A maker of a note is obliged to pay the note:
Terms Used In Montana Code 30-3-413
- Maker: means a person that signs a note as promisor of payment. See Montana Code 30-3-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(a)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
(b)if the maker signed an incomplete instrument, according to its terms when completed as stated in 30-3-115 and 30-3-407.
(2)The obligation is owed to a person entitled to enforce the note or to an indorser that paid the note pursuant to 30-3-414.