Vermont § 415 - § 3—415.
Full text of Vermont Vermont Statutes Online § 415 — § 3—415., with citation guidance and answers to common questions.
§ 415. § 3—415.
- Obligation of indorser (a) Subject to subsections (b), (c), (d), and (e) of this section and to section 3—419(d) of this title, 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 3—115 and 3—407 of this title. 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) of this
section to pay the instrument. (c) If notice of dishonor of an instrument is required by section 3—503 of this title and notice of dishonor complying with that section is not given to an indorser, the
liability of the indorser under subsection (a) of this section is discharged. (d) If a draft is accepted by a bank after an indorsement is made, the liability of the
indorser under subsection (a) of this section is discharged. (e) If an indorser of a check is liable under subsection (a) of this section 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) of this section is discharged. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)
Frequently Asked Questions About Vermont § 415
What does Vermont Statutes Online § 415 cover?
Section 415 ("§ 3—415.") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 415?
A common citation format is "Vermont Statutes Online § 415" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 415 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.