N.J.S.A. 12A:3-408

Drawee not liable on unaccepted draft

12A:3-408. Drawee not liable on unaccepted draft 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. L.1995,c.28,s.1.

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This is the verbatim text of N.J.S.A. 12A:3-408, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.