662

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 §§ 515 and 657 of this title. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under § 665 of this title. History —Aug. 17, 1995, No. 208, § 2-412; Aug. 31, 1996, No. 176, § 2.