MARVIN MANDEL, Governor

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by removing any part of it.

(2)   is against any person other than a subsequent
holder in due course

(a)    Alteration by the holder which is both
fraudulent and Material discharges any party whose
contract is thereby changed unless that party assents or
is precluded from asserting the defense;

(b)   No other alteration discharges any party
and the instrument may be enforced according to its
original tenor, or as to incomplete instruments according
to the authority given.

(3)   A subsequent holder in due course may in all
cases enforce the instrument according to its original
tenor, and when an incomplete instrument has been
completed, he may enforce it as completed.

3—408. Consideration.

Want or failure of consideration is a defense as
against any person not having the rights of a holder in
due course (§ 3—305), except that no consideration is
necessary for an instrument or obligation thereon given
in payment of or as security for an antecedent obligation
of any kind. Nothing in this section shall be taken to
displace any statute outside TITLES 1 THROUGH 10 OF this
article under which a promise is enforceable
notwithstanding lack or failure of consideration.
Partial failure of consideration is a defense pro tanto
whether or not the failure is in an ascertained or
liquidated amount.

3—409. Draft not an assignment.

(1)    A check or other draft does not of itself
operate as an assignment of any funds in the hands of the
drawee available for its payment, and the drawee is not
liable on the instrument until he accepts it.

(2)    nothing in this section shall affect any
liability in contract, tort or otherwise arising from any
letter of credit or other obligation or representation
which is not an acceptance.

3—410. Definition and operation of acceptance.

(1) Acceptance is the drawee's signed engagement to
honor the draft as presented. It must be written on the
draft, and may consist of his signature alone. It
becomes operative when completed by delivery or
notification.