Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/3-412

(810 ILCS 5/3-412) (from Ch. 26, par. 3-412)

Sec. 3-412.

Obligation of issuer of note or cashier's check.

The issuer of a note or cashier'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 Sections 3-115 and
3-407. The obligation is owed to a person entitled to enforce the
instrument or to an indorser who paid the instrument under Section 3-415.

(Source: P.A. 87-582; 87-1135.)