858                               LAWS OF MARYLAND                        [CH. 538

Part 7

Advice of International Sight Draft
3—701. Letter of Advice of International Sight Draft.

(1)  A "letter of advice" is a drawer's communication to the drawee
that a described draft has been drawn.

(2)   Unless otherwise agreed when a bank receives from another
bank a letter of advice of an international sight draft the drawee
bank may immediately debit the drawer's account and stop the
running of interest pro tanto. Such a debit and any resulting credit
to any account covering outstanding drafts leaves in the drawer full
power to stop payment or otherwise dispose of the amount and
creates no trust or interest in favor of the holder.

(3)   Unless otherwise agreed and except where a draft is drawn
under a credit issued by the drawee, the drawee of an international
sight draft owes the drawer no duty to pay an unadvised draft but
if it does so and the draft is genuine, may appropriately debit the
drawer's account.

Part 8

Miscellaneous
3—801. Drafts in a Set.

(1)   Where a draft is drawn in a set of parts, each of which is
numbered and expressed to be an order only if no other part has
been honored, the whole of the parts constitutes one draft but a
taker of any part may become a holder in due course of the draft.

(2)  Any person who negotiates, indorses or accepts a single part
of a draft drawn in a set thereby becomes liable to any holder in due
course of that part as if it were the whole set, but as between differ-
ent holders in due course to whom different parts have been negoti-
ated the holder whose title first accrues has all rights to the draft
and its proceeds.

(3)  As against the drawee the first presented part of a draft
drawn in a set is the part entitled to payment, or if a time draft
to acceptance and payment. Acceptance of any subsequently pre-
sented part renders the drawee liable thereon under sub-section (2).
With respect both to a holder and to the drawer payment of a sub-
sequently presented part of a draft payable at sight has the same
effect as payment of a check notwithstanding an effective stop order
(Section 4—407).

(4)  Except as otherwise provided in this section, where any part
of a draft in a set is discharged by payment or otherwise the whole
draft is discharged.

3—802. Effect of Instrument on Obligation for Which It Is Given.

(1) Unless otherwise agreed where an instrument is taken for
an underlying obligation

(a) the obligation is pro tanto discharged if a bank is drawer,
maker or acceptor of the instrument and there is no recourse on the
instrument against the underlying obligor; and