2006 New York Code - Contract Of Maker, Drawer And Acceptor.

 
  Section 3--413. Contract of Maker, Drawer and Acceptor.
    (1)  The  maker  or  acceptor  engages that he will pay the instrument
  according to its tenor at the time of his  engagement  or  as  completed
  pursuant to Section 3--115 on incomplete instruments.
    (2)  The  drawer  engages  that  upon  dishonor  of  the draft and any
  necessary notice of dishonor or protest he will pay the  amount  of  the
  draft  to  the holder or to any indorser who takes it up. The drawer may
  disclaim this liability by drawing without recourse.
    (3) By making, drawing or accepting the party admits  as  against  all
  subsequent  parties  including the drawee the existence of the payee and
  his then capacity to indorse.