“Person entitled to enforce” an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to Section 75-3-309 or 75-3-418(d). A person may be […]
Subject to subsection (c) and Section 75-3-106(d), “holder in due course” means the holder of an instrument if: 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 as to call into question its authenticity; and The holder […]
An instrument is issued or transferred for value if: The instrument is issued or transferred for a promise of performance, to the extent the promise has been performed; The transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceeding; The instrument is issued or transferred as […]
An instrument payable on demand becomes overdue at the earliest of the following times: On the day after the day demand for payment is duly made; If the instrument is a check, ninety (90) days after its date; or If the instrument is not a check, when the instrument has been outstanding for a period […]
Except as otherwise provided in this section, the right to enforce the obligation of a party to pay an instrument is subject to the following: A defense of the obligor based on (i) infancy of the obligor to the extent it is a defense to a simple contract, (ii) duress, lack of legal capacity, or […]
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 person having rights of a […]
In this section: “Fiduciary” means an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty with respect to an instrument. “Represented person” means the principal, beneficiary, partnership, corporation, or other person to whom the duty stated in paragraph (1) is owed. If an instrument is issued by the represented person […]
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 validity is on the person claiming validity, but the signature is presumed […]
A person not in possession of an instrument is entitled to enforce the instrument if: The person seeking to enforce the instrument: The loss of possession was not the result of a transfer by the person or a lawful seizure; and The person cannot reasonably obtain possession of the instrument because the instrument was destroyed, […]
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 the obligation. Discharge of the obligation does not affect any […]
If a person against whom a claim is asserted proves that (i) that person in good faith tendered an instrument to the claimant as full satisfaction of the claim, (ii) the amount of the claim was unliquidated or subject to a bona fide dispute, and (iii) the claimant obtained payment of the instrument, the following […]
In this section: “Check” means a cashier’s check, teller’s check, or certified check. “Claimant” means a person who claims the right to receive the amount of a cashier’s check, teller’s check, or certified check that was lost, destroyed, or stolen. “Declaration of loss” means a statement, made in a record under penalty of perjury, to […]
