The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 3-413)
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§ 3—413. Obligation of acceptor
(a) The acceptor of a draft is obliged to pay the draft (i) 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, (ii) if the acceptance varies the terms
of the draft, according to the terms of the draft as varied, or (iii) if the acceptance
is of a draft that is an incomplete instrument, according to its terms when completed,
to the extent stated in sections 3—115 and 3—407 of this title. The obligation is owed to a person entitled to enforce the draft or to the drawer
or an indorser who paid the draft under section 3—414 or 3—415 of this title.
(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 (i) the certification
or acceptance does not state an amount, (ii) the amount of the instrument is subsequently
raised, and (iii) 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. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)