1. Subject to subsections 2,3, and 4 and to section 554.3419, subsection4, ifan instrument isdishonored, an endorser isobliged to pay the amount due on the instrument according to the terms of the instrument at the time it was endorsed, or if the endorser endorsed an incomplete instrument, according to itstermswhen completed, totheextent stated in sections 554.3115 and 554.3407. The obligation of the endorser is owed toa person entitled toenforce the instrument or to a subsequent endorser who paid the instrument under this section. 2. If an endorsement states that it is made “without recourse” or otherwise disclaims liabilityof the endorser, the endorser is not liable under subsection 1 to pay the instrument. 3. If notice of dishonor of an instrument is required by section 554.3503 and notice of dishonor complying with that section isnot given to an endorser, the liabilityof the endorser under subsection 1 isdischarged. 4. If a draft is accepted by a bank after an endorsement is made, the liability of the endorser under subsection 1 is discharged. 5. If an endorser of a check is liable under subsection 1 and the check is not presented for payment, or given to a depositary bank for collection, within thirty days after the day the endorsement was made, the liability of the endorser under subsection 1 is discharged.
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