Sec. 412. The issuer of a note or cashier's check or other draft drawn on the drawer is obliged to pay the instrument: (1) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder; or (2) if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in IC 26-1-3.1-115 and IC 26-1-3.1-407 . The obligation is owed to a person entitled to enforce the instrument or to an endorser who paid the instrument under IC 26-1-3.1-415 .
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