Vermont § 414 - § 3—414.

§ 414. § 3—414.

• Obligation of drawer (a) This section does not apply to cashier’s checks or other drafts drawn on the drawer. (b) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft (i) according
  to its terms at the time it was issued or, if not issued, at the time it first came
  into possession of a holder, or (ii) if the drawer signed an incomplete instrument,
  according to its terms when completed, to the extent stated in sections 3—115 and 3—407 of this title. The obligation is owed to a person entitled to enforce the draft or to an indorser
  who paid the draft under section 3—415 of this title. (c) If a draft is accepted by a bank, the drawer is discharged, regardless of when or
  by whom acceptance was obtained. (d) If a draft is accepted and the acceptor is not a bank, the obligation of the drawer
  to pay the draft if the draft is dishonored by the acceptor is the same as the obligation
  of an indorser under section 3—415(a) and (c) of this title. (e) If a draft states that it is drawn “without recourse” or otherwise disclaims liability
  of the drawer to pay the draft, the drawer is not liable under subsection (b) of this
  section to pay the draft if the draft is not a check. A disclaimer of the liability
  stated in subsection (b) of this section is not effective if the draft is a check. (f) If (i) a check is not presented for payment or given to a depositary bank for collection
  within 30 days after its date, (ii) the drawee suspends payments after expiration
  of the 30-day period without paying the check, and (iii) because of the suspension
  of payments, the drawer is deprived of funds maintained with the drawee to cover payment
  of the check, the drawer to the extent deprived of funds may discharge its obligation
  to pay the check by assigning to the person entitled to enforce the check the rights
  of the drawer against the drawee with respect to the funds. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)