§ 3414. Obligation of drawer
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 3414
§ 3414. Obligation of drawer
The obligation is owed to a person entitled to enforce the draft or to an indorser who paid the draft under section 3415 (relating to obligation of indorser).
(e) Disclaimer of liability.--If a draft states that it is drawn “without recourse” or otherwise disclaims liability of the drawer to pay the draft, the drawer is not liable under subsection (b) to pay the draft if the draft is not a check. A disclaimer of the liability stated in subsection (b) is not effective if the draft is a check.
the drawer to the extent deprived of funds may discharge its obligation to pay the check by assigning to the person entitled to enforce the check the rights of the drawer against the drawee with respect to the funds.
Credits
1992, July 9, P.L. 507, No. 97, § 5, effective in one year.
13 Pa.C.S.A. § 3414, PA ST 13 Pa.C.S.A. § 3414
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |