Statute · New York Uniform Commercial Code
N.Y. U.C.C. Law § 3-409 — Draft Not an Assignment
N.Y. U.C.C. Law § 3-409
- Type
- Statute
- Source
- New York Uniform Commercial Code
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
Section 3--409. Draft Not an Assignment.
Citator
N.Y. U.C.C. Law § 3-409 — Draft Not an Assignment is in force in the current edition of the Code, and nothing recorded condemns it.
Section 3--409. Draft Not an Assignment.
(1) A check or other draft does not of itself operate as an assignment of any funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until he accepts it.
(2) Nothing in this section shall affect any liability in contract, tort or otherwise arising from any letter of credit or other obligation or representation which is not an acceptance.