30-3-125. Issue of instrument
30-3-125. Issue of instrument. (1) “Issue” means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person. (2) An unissued instrument or an unissued incomplete instrument (30-3-115) that is completed is binding on the maker or drawer, but […]
30-3-126. Identification of person to whom instrument is payable
30-3-126. Identification of person to whom instrument is payable. (1) A person to whom an instrument is payable is determined by the intent of the person, whether or not authorized, signing as, in the name of, or on behalf of the maker or drawer. The instrument is payable to the person intended by the signer even […]
30-3-127. Place of payment
30-3-127. Place of payment. Except as otherwise provided for items in chapter 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place […]
30-3-128. Interest
30-3-128. Interest. (1) Unless otherwise provided in the instrument, an instrument is not payable with interest and interest on an interest-bearing instrument is payable from the date of the instrument. (2) Interest may be stated in an instrument as a fixed or variable amount of money, or it may be expressed as a fixed or variable rate […]
30-3-129. Contradictory terms of instrument
30-3-129. Contradictory terms of instrument. If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. History: En. Sec. 101, Ch. 410, L. 1991.
30-3-130. Joint and several liability — contribution
30-3-130. Joint and several liability — contribution. (1) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who are indorsing joint payees, or anomalous indorsers are jointly and severally liable in the capacity in which they sign. (2) Except as provided in […]
30-3-131. Notice of right to defend action
30-3-131. Notice of right to defend action. In an action for breach of an obligation for which a third person is answerable over pursuant to this chapter or chapter 4, the defendant may give the third person written notice of the litigation and the person notified may then give similar notice to any other person who […]
30-3-120. Repealed
30-3-120. Repealed. Sec. 230, Ch. 410, L. 1991. History: En. Sec. 3-120, Ch. 264, L. 1963; R.C.M. 1947, 87A-3-120.
30-3-121. Repealed
30-3-121. Repealed. Sec. 230, Ch. 410, L. 1991. History: En. Sec. 3-121, Ch. 264, L. 1963; R.C.M. 1947, 87A-3-121.
30-3-122. Statute of limitations
30-3-122. Statute of limitations. (1) Except as provided in subsection (5), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within 6 years after the payment date or dates stated in the note or, if a payment date is accelerated, within 6 years after […]