Section 4--408. Rights and Liabilities of Remitter or Payee With Respect

to Cashier's Check, Teller's Check and Certified

Check.

(1) This section applies if a cashier's check, teller's check or
certified check is not presented for payment on or before ninety days
from the date of issuance of a cashier's check or teller's check, or the
date of certification of a certified check.

(2) The remitter or payee that causes payment of a cashier's check,
teller's check or certified check to be stopped pursuant to Section
4--403 (2) engages that upon dishonor of the check and any necessary
notice of dishonor he will pay, subject to defenses, the amount of the
check to any subsequent holder or indorser who takes it up.

(3) When a stop payment order pursuant to Section 4--403 (2) becomes
effective the obligated bank shall refund the amount of the item to the
remitter or payee that issued the stop payment order, and shall have no
further liability on the item.