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2006 New York Code - Draft Not An Assignment.



 
  Section 3--409. Draft Not an Assignment.
    (1) A check or other draft does not of itself operate as an assignment
  of  any  funds in the hands of the drawee available for its payment, and
  the drawee is not liable on the instrument until he accepts it.
    (2) Nothing in this section shall affect any  liability  in  contract,
  tort  or otherwise arising from any letter of credit or other obligation
  or representation which is not an acceptance.

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