The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. The acceptor of a draft is obliged to pay the draft:
1. 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;
2. If the acceptance varies the terms of the draft, according to the terms of the draft as varied; or
3. If the acceptance is of a draft that is an incomplete instrument, according to its terms when completed, to the extent stated in sections 47-3115 and 47-3407. 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 47-3414 or 47-3415.
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 the certification or acceptance does not state an amount, if the amount of the instrument is subsequently raised and if 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.