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RSA 382-A:3-415 · Obligation of Indorser
382-A:3-415 Obligation of Indorser. –
Copy linkSubject to subsections (b), (c), and (d) and to Section 3-419(d), if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument (i) according to the terms of the instrument at the time it was indorsed, or (ii) if the indorser indorsed an incomplete instrument, according to its terms when completed, to the extent stated in Sections 3-115 and 3-407. The obligation of the indorser is owed to a person entitled to enforce the instrument or to a subsequent indorser who paid the instrument under this section.
Copy linkIf an indorsement states that it is made "without recourse" or otherwise disclaims liability of the indorser, the indorser is not liable under subsection (a) to pay the instrument.
Copy linkIf notice of dishonor of an instrument is required by Section 3-503 and notice of dishonor complying with that section is not given to an indorser, the liability of the indorser under subsection (a) is discharged.
Copy linkIf a draft is accepted by a bank after an indorsement is made, the liability of the indorser under subsection (a) is discharged.
Copy linkIf an indorser of a check is liable under subsection (a) and the check is not presented for payment, or given to a depositary bank for collection, within 30 days after the day the indorsement was made, the liability of the indorser under subsection (a) is discharged. Source. 1993, 346:1, eff. Jan. 1, 1994.
Copy linkSource note
Source. 1993, 346:1, eff. Jan. 1, 1994.
Source history
- 1993, 346:1, eff. Jan. 1, 1994
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