Statutes > Arkansas Statutes > Title 4 - Business and Commercial Law > Subtitle 1 - Uniform Commercial Code > Chapter 3 - Negotiable Instruments > Part 4 - Liability of Parties > § 4-3-408 - Drawee not liable on unaccepted draft.

§ 4-3-408 - Drawee not liable on unaccepted draft.

4-3-408. Drawee not liable on unaccepted draft.

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.