§3-1301. Person entitled to enforce instrument “Person entitled to enforce” an instrument means: [PL 1993, c. 293, Pt. A, §2 (NEW).] (1). The holder of the instrument; [PL 1993, c. 293, Pt. A, §2 (NEW).] (2). A nonholder in possession of the instrument who has the rights of a holder; or [PL […]
§3-1302. Holder in due course (1). Subject to subsection (3) and section 3‑1106, subsection (3), “holder in due course” means the holder of an instrument if: (a). The instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete […]
§3-1303. Value and consideration (1). An instrument is issued or transferred for value if: (a). The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The transferee acquires a security interest or other lien in […]
§3-1304. Overdue instrument (1). An instrument payable on demand becomes overdue at the earliest of the following times: (a). On the day after the day demand for payment is duly made; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). If the instrument is a check, 90 days after its date; or […]
§3-1305. Defenses and claims in recoupment (1). Except as stated in subsection (2), the right to enforce the obligation of a party to pay an instrument is subject to the following: (a). A defense of the obligor based on: (i) Infancy of the obligor to the extent it is a defense to a […]
§3-1306. Claims to an instrument A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A […]
§3-1307. Notice of breach of fiduciary duty (1). In this section: (a). “Fiduciary” means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument; and [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). “Represented person” means the principal, beneficiary, partnership, corporation or […]
§3-1308. Proof of signatures and status as holder in due course (1). In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless specifically denied in the pleadings. If the validity of a signature is denied in the pleadings, the burden of establishing […]
§3-1309. Enforcement of lost, destroyed or stolen instrument (1). A person not in possession of an instrument is entitled to enforce the instrument if: (a). The person was in possession of the instrument and entitled to enforce it when loss of possession occurred; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The […]
§3-1310. Effect of instrument on obligation for which taken (1). Unless otherwise agreed, if a certified check, cashier’s check or teller’s check is taken for an obligation, the obligation is discharged to the same extent discharge would result if an amount of money equal to the amount of the instrument were taken in payment of […]
§3-1311. Accord and satisfaction by use of instrument (1). Subsections (2) to (4) apply if a person against whom a claim is asserted proves that: (a). The person in good faith tendered an instrument to the claimant as full satisfaction of the claim; [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). The […]
§3-1312. Lost, destroyed, or stolen cashier’s check, teller’s check, or certified check (1). In this section, the following terms have the following meanings. (a). “Check” means a cashier’s check, teller’s check or certified check. [PL 1993, c. 293, Pt. A, §2 (NEW).] (b). “Claimant” means a person who claims the right to receive […]
