70A-3-408 - Drawee not liable on unaccepted draft.
70A-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 ofthe drawee available for its payment, and the drawee is not liable on the instrument until thedrawee accepts it.
Repealed and Re-enacted by Chapter 237, 1993 General Session