70A-3-415. Obligation of indorser.
(1) Subject to Subsections,, andand to Subsection, if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument according to the terms of the instrument at the time it was indorsed, or if the indorser indorsed an incomplete instrument, according to its terms when completed, to the extent stated in Sectionsand. The obligation of the indorser is owed to a person entitled to enforce the instrument or to a subsequent indorser who paid the instrument under this section. (2) (3) (4) 70A-3-419(4) 70A-3-115 70A-3-407
(2) If an indorsement states that it is made "without recourse" or otherwise disclaims liability of the indorser, the indorser is not liable under Subsectionto pay the instrument. (1)
(3) If notice of dishonor of an instrument is required by Sectionand notice of dishonor complying with that section is not given to an indorser, the liability of the indorser under Subsectionis discharged. 70A-3-503 (1)
(4) If a draft is accepted by a bank after an indorsement is made, the liability of the indorser under Subsectionis discharged. (1)
(5) If an indorser of a check is liable under Subsectionand the check is not presented for payment, or given to a depositary bank for collection, within 30 days after the day the indorsement was made, the liability of the indorser under Subsectionis discharged. (1) (1)