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Michigan · Snapshot open-us-law v2026.08, retrieved 2026-09-14

Mich. Comp. Laws § 440.3413: Draft; obligation to pay according to terms; amount.

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Where this section sits in the code
  1. MI Code
  2. Chapter 440
  3. Act Act-174-of-1962

Sec. 3413.

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 3115 and 3407. The obligation is owed to a person entitled to enforce the draft or to the drawer or an endorser who paid the draft under section 3414 or 3415.

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. If ( i ) the certification or acceptance does not state an amount, ( ii ) the amount of the instrument is subsequently raised, and ( iii ) the instrument is then negotiated to a holder in due course, the obligation of the acceptor is the amount of the instrument at the time it was taken by the holder in due course.

Collected 2026-09-14T18:32:31Z. Source file · JSON

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