N.Y. Uniform Commercial Code Law § 3-118: Ambiguous Terms and Rules of Construction

Section 3--118. Ambiguous Terms and Rules of Construction.

The following rules apply to every instrument:

(a) Where there is doubt whether the instrument is a draft or a note

the holder may treat it as either. A draft drawn on the drawer is

effective as a note.

(b) Handwritten terms control typewritten and printed terms, and

typewritten control printed.

(c) Words control figures except that if the words are ambiguous

figures control.

(d) Unless otherwise specified a provision for interest means interest

at the judgment rate at the place of payment from the date of the

instrument, or if it is undated from the date of issue.

(e) Unless the instrument otherwise specifies two or more persons who

sign as maker, acceptor or drawer or indorser and as a part of the same

transaction are jointly and severally liable even though the instrument

contains such words as "I promise to pay."

(f) Unless otherwise specified consent to extension authorizes a

single extension for not longer than the original period. A consent to

extension, expressed in the instrument, is binding on secondary parties

and accommodation makers. A holder may not exercise his option to extend

an instrument over the objection of a maker or acceptor or other party

who in accordance with Section 3--604 tenders full payment when the

instrument is due.