N.Y. Uniform Commercial Code Law § 3-413: Contract of Maker, Drawer and Acceptor

Section 3--413. Contract of Maker, Drawer and Acceptor.

(1) The maker or acceptor engages that he will pay the instrument

according to its tenor at the time of his engagement or as completed

pursuant to Section 3--115 on incomplete instruments.

(2) The drawer engages that upon dishonor of the draft and any

necessary notice of dishonor or protest he will pay the amount of the

draft to the holder or to any indorser who takes it up. The drawer may

disclaim this liability by drawing without recourse.

(3) By making, drawing or accepting the party admits as against all

subsequent parties including the drawee the existence of the payee and

his then capacity to indorse.