                                 CODE OF VIRGINIA

OBLIGATION OF ISSUER OF NOTE OR CASHIER&#8217;S CHECK (§ 8.3A-412)

The issuer of a note or cashier&#8217;s check or other draft drawn on the drawer
is obliged to pay the instrument (i) according to its terms at the time it was
issued or, if not issued, at the time it first came into possession of a holder,
or (ii) if the issuer signed an incomplete instrument, according to its terms
when completed, to the extent stated in §§ 8.3A-115 and 8.3A-407. The
obligation is owed to a person entitled to enforce the instrument or to an
endorser who paid the instrument under § 8.3A-415.

HISTORY: Code 1950, §§ 6-412 through 6-414; 1964, c. 219, § 8.3-413; 1992, c.
693.