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.
Tex. Bus. & Com. Code § 3.412
OBLIGATION OF ISSUER OF NOTE OR CASHIER'S CHECK
Known as the Uniform Commercial Code
The act spans §§ 1–12 (616 sections).
Applied in 1 court decision — leading case Caraway v. Land Design Studio (2001)
Most recently applied in Caraway v. Land Design Studio (April 2001)
Amended by Acts 1995, 74th Leg., ch. 921, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.