§12A-3-415.

§12A-3-415.
   
                           OBLIGATION OF INDORSER
                                      
   (a) Subject to subsections (b), (c), (d), and (e) of this section and
   to subsection (d) of Section 3-419 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 Section 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 thirty (30) days after the day
   the indorsement was made, the liability of the indorser under
   subsection (a) of this section is discharged.