South Carolina § 36-3-415 - Obligation of indorser.
Full text of South Carolina South Carolina Code of Laws § 36-3-415 — Obligation of indorser., with citation guidance and answers to common questions.
§ 36-3-415. Obligation of indorser.
(a) Subject to Subsections (b), (c), (d), (e) and to Section 36-3-419(d), if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument (i) according to the terms of the instrument at the time it was indorsed, or (ii) if the indorser indorsed an incomplete instrument, according to its terms when completed, to the extent stated in Sections 36-3-115 and 36-3-407. 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.
(b) If an indorsement states that it is made "without recourse" or otherwise disclaims liability of the indorser, the indorser is not liable under Subsection (a) to pay the instrument.
(c) If notice of dishonor of an instrument is required by Section 36-3-503 and notice of dishonor complying with that section is not given to an indorser, the liability of the indorser under Subsection (a) is discharged.
(d) If a draft is accepted by a bank after an indorsement is made, the liability of the indorser under Subsection (a) is discharged.
(e) If an indorser of a check is liable under Subsection (a) and 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 Subsection (a) is discharged.
HISTORY: 1962 Code SECTION 10.3-415; 1966 (54) 2716; 2008 Act No. 204, SECTION 2, eff July 1, 2008.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 36-3-415
What does South Carolina Code of Laws § 36-3-415 cover?
Section 36-3-415 ("Obligation of indorser.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 36-3-415?
A common citation format is "South Carolina Code of Laws § 36-3-415" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 36-3-415 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.