A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.

See Sec. 42a-3-303(b) for successor provisions to Sec. 42a-3-408, revised to 1991, re consideration.

(1959, P.A. 133, S. 3-408; P.A. 91-304, S. 45.)

History: P.A. 91-304 entirely replaced former provisions re lack or failure of consideration with provisions re liability of a drawee on unaccepted draft, a restatement of Sec. 42a-3-409(1), revised to 1991.