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 75-3-115 and 75-3-407. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under Section 75-3-415.
Miss. Code Ann. § 75-3-412
Obligation of issuer of note or cashier’s check
Known as the Uniform Commercial Code
The act spans §§ 75–75 (480 sections).
Applied in 1 court decision — leading case 930 So. 2d 1281 - TRUSTMARK NAT. BANK v. Barnard (2006)
Most recently applied in 930 So. 2d 1281 - TRUSTMARK NAT. BANK v. Barnard (June 2006)
Former § 75-4-412: Codes, 1942, § 41A:3-412; Laws, 1966, ch. 316, § 3-412; Laws, 1992, ch. 420, § 50, eff from and after January 1, 1993.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.