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Commercial Code - COM - COM § 3311
Commercial Code - COM - COM § 3311
(a) If a person against whom a claim is asserted proves that (1) that person in good faith tendered an instrument to the claimant as full satisfaction of the claim, (2) the amount of the claim was unliquidated or subject to a bona fide dispute, and (3) the claimant obtained payme
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Commercial Code - COM - COM § 3312
Commercial Code - COM - COM § 3312
(a) In this section: (1) “Check” means a cashier’s check, teller’s check, or certified check. (2) “Claimant” means a person who claims the right to receive the amount of a cashier’s check, teller’s check, or certified check that was lost, destroyed, or stolen. (3) “Declaration of
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Commercial Code - COM - COM § 3401
Commercial Code - COM - COM § 3401
A person is not liable on an instrument unless (a) the person signed the instrument, or (b) the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under Section 3402.
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Commercial Code - COM - COM § 3402
Commercial Code - COM - COM § 3402
(a) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bound if the s
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Commercial Code - COM - COM § 3403
Commercial Code - COM - COM § 3403
(a) Unless otherwise provided in this division or Division 4 (commencing with Section 4101), an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthoriz
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Commercial Code - COM - COM § 3404
Commercial Code - COM - COM § 3404
(a) If an impostor, by use of the mails or otherwise, induces the issuer of an instrument to issue the instrument to the impostor, or to a person acting in concert with the impostor, by impersonating the payee of the instrument or a person authorized to act for the payee, an indo
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Commercial Code - COM - COM § 3405
Commercial Code - COM - COM § 3405
(a) In this section: (1) “Employee” includes an independent contractor and employee of an independent contractor retained by the employer. (2) “Fraudulent indorsement” means (A) in the case of an instrument payable to the employer, a forged indorsement purporting to be that of th
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Commercial Code - COM - COM § 3406
Commercial Code - COM - COM § 3406
(a) A person whose failure to exercise ordinary care contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays the instrument or takes i
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Commercial Code - COM - COM § 3407
Commercial Code - COM - COM § 3407
(a) “Alteration” means (1) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party, or (2) an unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party. (b) Except a
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Commercial Code - COM - COM § 3408
Commercial Code - COM - COM § 3408
A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.
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Commercial Code - COM - COM § 3409
Commercial Code - COM - COM § 3409
(a) “Acceptance” means the drawee’s signed agreement to pay a draft as presented. It shall be written on the draft and may consist of the drawee’s signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is given or the
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Commercial Code - COM - COM § 3410
Commercial Code - COM - COM § 3410
(a) If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. (b) The terms of a draft are not varied by an acceptance to pay at
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Commercial Code - COM - COM § 3411
Commercial Code - COM - COM § 3411
(a) In this section, “obligated bank” means the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer. (b) If the obligated bank wrongfully (1) refuses to pay a cashier’s check or certified check, (2) stops payment of a teller’s
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Commercial Code - COM - COM § 3412
Commercial Code - COM - COM § 3412
The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument (a) 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 (b) if the issuer signed an incomplete ins
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Commercial Code - COM - COM § 3413
Commercial Code - COM - COM § 3413
(a) The acceptor of a draft is obliged to pay the draft (1) 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, (2) if the acceptance varies the terms of the draft, according to
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Commercial Code - COM - COM § 3414
Commercial Code - COM - COM § 3414
(a) This section does not apply to cashier’s checks or other drafts drawn on the drawer. (b) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft (1) according to its terms at the time it was issued or, if not issued, at the time it first came into possess
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Commercial Code - COM - COM § 3415
Commercial Code - COM - COM § 3415
(a) Subject to subdivisions (b), (c), and (d) and to subdivision (d) of Section 3419, if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument (1) according to the terms of the instrument at the time it was indorsed, or (2) if the indorser in
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Commercial Code - COM - COM § 3416
Commercial Code - COM - COM § 3416
(a) A person who transfers an instrument for consideration warrants all of the following to the transferee and, if the transfer is by indorsement, to any subsequent transferee: (1) The warrantor is a person entitled to enforce the instrument. (2) All signatures on the instrument
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Commercial Code - COM - COM § 3417
Commercial Code - COM - COM § 3417
(a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant all
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Commercial Code - COM - COM § 3418
Commercial Code - COM - COM § 3418
(a) Except as provided in subdivision (c), if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that (1) payment of the draft had not been stopped pursuant to Section 4403 or (2) the signature of the drawer of the draft was authorized, th
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Commercial Code - COM - COM § 3419
Commercial Code - COM - COM § 3419
(a) If an instrument is issued for value given for the benefit of a party to the instrument (“accommodated party”) and another party to the instrument (“accommodation party”) signs the instrument for the purpose of incurring liability on the instrument without being a direct bene
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Commercial Code - COM - COM § 3420
Commercial Code - COM - COM § 3420
(a) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the inst
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Commercial Code - COM - COM § 3501
Commercial Code - COM - COM § 3501
(a) “Presentment” means a demand made by or on behalf of a person entitled to enforce an instrument (1) to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, or (2) to accept a
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Commercial Code - COM - COM § 3502
Commercial Code - COM - COM § 3502
(a) Dishonor of a note is governed by the following rules: (1) If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment. (2) If the note is not payable on demand and is payable at or throu
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Commercial Code - COM - COM § 3503
Commercial Code - COM - COM § 3503
(a) The obligation of an indorser stated in subdivision (a) of Section 3415 and the obligation of a drawer stated in subdivision (d) of Section 3414 may not be enforced unless (1) the indorser or drawer is given notice of dishonor of the instrument complying with this section or