Tex. Bus. & Com. Code § 3.413 · Subchapter D. LIABILITY OF PARTIES
OBLIGATION OF ACCEPTOR.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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. 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.
(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. The obligation of the acceptor is the amount of the instrument at the time it was taken by the holder in due course if:
(1) the certification or acceptance does not state an amount;
(2) the amount of the instrument is subsequently raised; and
(3) the instrument is then negotiated to a holder in due course.
Notes and commentary — not statutory text
History
Amended by Acts 1995, 74th Leg., ch. 921, Sec. 1, eff. Jan. 1, 1996.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BC/htm/BC.3.htm
- Text hash
- sha256 2c9a7a80b6f7872b6261a264671e34db21d331f0fd35cd99c79cdcf7c9165836
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Business & Commerce Code
- Tex. Bus. & Com. Code § 3.115INCOMPLETE INSTRUMENT.Printed as Sections 3.115 and 3.407
- Tex. Bus. & Com. Code § 3.407ALTERATION.Printed as Sections 3.115 and 3.407
- Tex. Bus. & Com. Code § 3.414OBLIGATION OF DRAWER.Printed as Section 3.414 or 3.415
- Tex. Bus. & Com. Code § 3.415OBLIGATION OF INDORSER.Printed as Section 3.414 or 3.415
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.