§ 355-3-413

355.3 -413 Obligation of acceptor. (1) The acceptor of a draft is obliged to pay the draft: (a) 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; (b) If the acceptance varies the terms of th e draft, according to the terms of the draft as varied; or (c) If the acceptance is of a draft that is an incomplete instrument, according to its terms when completed, to the extent stated in KRS 355.3 -115 and 355.3 -407; The obligation is owed to a person entitled to enforce the draft or to the drawer or an indorser who paid the draft under KRS 355.3 -414 or 355.3 -415. (2) (a) If the certification of a check or other acceptance of a draft states the amount certified or accepted, the obligation of the accept or is that amount. (b) If: 1. The certification or acceptance does not state an amount; 2. The amount of the instrument is subsequently raised; and 3. The instrument is then negotiated to a holder in due course, the obligation of the acceptor is the amoun t of the instrument at the time it was taken by the holder in due course.

ently raised; and 3. The instrument is then negotiated to a holder in due course, the obligation of the acceptor is the amoun t of the instrument at the time it was taken by the holder in due course. Effective: January 1, 1997 History: Repealed and reenac ted 1996 Ky. Acts ch. 130, sec. 51, effective January 1, 1997. -- Created 1958 Ky. Acts ch. 77, sec. 3 -413, effective July 1, 1960.