Asked by Mikaela Forcum on Jul 07, 2024

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Revised Article 3 of the UCC provides that the drawer of a cashier's check has the same obligation as the issuer of a note.

Revised Article 3

An update to a section of the Uniform Commercial Code that deals with negotiable instruments, including changes to laws governing checks and promissory notes.

Drawer

In banking, the party that writes or issues a check. In a broader contract or legal sense, it can refer to the person who drafts or creates a document.

Cashier's Check

A check issued by a bank, drawn on its own funds rather than that of the purchaser, guaranteeing payment to the payee.

  • Understand the role and obligations of the acceptor or drawee in a negotiable instrument.
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AM
Aaron McFallJul 09, 2024
Final Answer :
True
Explanation :
Revised Article 3 of the UCC provides that the drawer of a cashier's check has the same obligation as the maker or issuer of a note.