Section 35 Liability of Acceptor

• Library: Commercial Law 2007

A check or other similar bank draft is a direction from the drawer to the drawee to pay a specified sum to a payee or to the payee’s order. Section 400.3-104, RSMo Supp. 2006. The instrument does not in and 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 the drawee accepts it.” Section 400.3-408, RSMo 2000. The drawee accepts a draft by agreeing in writing to pay it as presented. Section...