California Commercial Code

§ 4208

COM § 4208 Effective Jan 1, 1997Div. 4 · Ch. 2

Statute text

(a)If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to the drawee that pays or accepts the draft in good faith that all of the following apply:

(1)The warrantor is, or was, at the time the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft.

(2)The draft has not been altered.

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Legislative history

Amended by Stats. 1996, Ch. 316, Sec. 6. Effective January 1, 1997.