N.Y. UCC Law § 3-801

Section 3--801. Drafts in a Set.\n (1) Where a draft is drawn in a set of parts, each of which is\nnumbered and expressed to be an order only if no other part has been\nhonored, the whole of the parts constitutes one draft but a taker of any\npart may become a holder in due course of the draft.\n (2) Any person who negotiates, indorses or accepts a single part of a\ndraft drawn in a set thereby becomes liable to any holder in due course\nof that part as if it were the whole set, but as between different\nholders in due course to whom different parts have been negotiated the\nholder whose title first accrues has all rights to the draft and its\nproceeds.\n (3) As against the drawee the first presented part of a draft drawn in\na set is the part entitled to payment, or if a time draft to acceptance\nand payment. Acceptance of any subsequently presented part renders the\ndrawee liable thereon under subsection (2). With respect both to a\nholder and to the drawer payment of a subsequently presented part of a\ndraft payable at sight has the same effect as payment of a check\nnotwithstanding an effective stop order (Section 4--407).\n (4) Except as otherwise provided in this section, where any part of a\ndraft in a set is discharged by payment or otherwise the whole draft is\ndischarged.\n