Vermont Statutes Title 9 Sec. 3-412
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Terms Used In Vermont Statutes Title 9 Sec. 3-412
- 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: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
§ 3—412. Obligation of issuer of note or cashier’s check
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. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under section 3-415. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)