Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/3-413

(810 ILCS 5/3-413) (from Ch. 26, par. 3-413)

Sec. 3-413.

Obligation of acceptor.

(a) The acceptor of a draft is obliged to pay the draft (i) according to
its terms at the time it was accepted, even though the acceptance states
that the draft is payable "as originally drawn" or equivalent terms, (ii)
if the acceptance varies the terms of the draft, according to the terms of
the draft as varied, or (iii) if the acceptance is of a draft that is 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 draft or to the drawer or an indorser who paid the
draft under Section 3-414 or 3-415.

(b) If the certification of a check or other acceptance of a draft
states the amount certified or accepted, the obligation of the acceptor is
that amount.  If (i) the certification or acceptance does not state an
amount, (ii) the amount of the instrument is subsequently raised, and (iii)
the instrument is then negotiated to a holder in due course, the obligation
of the acceptor is the amount of the instrument at the time it was taken by
the holder in due course.

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