- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 3. Negotiable Instruments
- Section 413. Obligation of Acceptor.
previous: Section 412
. Obligation of Issuer of Note or Cashier's Check.
next: Section 414
. Obligation of Drawer.
AS 45.03.413. Obligation of Acceptor.
- (a) The acceptor of a draft is obliged to pay the draft according to its terms at the time it was accepted, even though
the acceptance states that the draft is payable "as originally drawn" or equivalent terms; if the acceptance varies the
terms of the draft, the acceptor is obliged to pay the draft according to the terms of the draft as varied; if the
acceptance is of a draft that is an incomplete instrument, the acceptor is obliged to pay the draft according to its
terms when completed, to the extent stated in AS 45.03.115
and 45.03.407. The obligation is owed to a person
entitled to enforce the draft or to the drawer or an endorser who paid the draft under AS 45.03.414
- (b) If the certification of a check or other acceptance of a draft states the amount certified or accepted, the obligation
of the acceptor is that amount. If the certification or acceptance does not state an amount, the amount of the
instrument is subsequently raised, and the instrument is then negotiated to a holder in due course, the obligation of
the acceptor is the amount of the instrument at the time it was taken by the holder in due course.
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