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 §§ 47-3-115 and 47-3-407. The obligation is owed to a person entitled to enforce the instrument or to an endorser who paid the instrument under § 47-3-415.
Tenn. Code Ann. § 47-3-412
Obligation of issuer of note or cashier's check
Known as the Uniform Commercial Code
The act spans §§ 47–47 (578 sections).
Applied in 1 court decision — leading case Harrah's Entertainment, Inc. v. Ace American Insurance (2004)
Most recently applied in Harrah's Entertainment, Inc. v. Ace American Insurance (May 2004)
Acts 1995, ch. 397, § 2.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.