30-3-301. Person entitled to enforce instrument. “Person entitled to enforce” an instrument means the holder of an instrument, a nonholder in possession of the instrument who has the rights of a holder, or a person not in possession of the instrument who is entitled to enforce the instrument pursuant to 30-3-309. A person may be a […]
30-3-302. Holder in due course. (1) Subject to subsection (3) and 30-3-105(4), “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 as to call into question its […]
30-3-303. 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 that the promise has been performed; (b) the transferee acquires a security interest or other lien in the instrument other than a lien obtained by judicial proceedings; (c) the instrument […]
30-3-304. 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; (b) if the instrument is a check, 90 days after its date; or (c) if the instrument is not a check, when the instrument has been outstanding for […]
30-3-305. Defenses and claims in recoupment. (1) Except as stated in subsection (2), the right to enforce the obligation of a party to pay the instrument is subject to the following: (a) A defense of the obligor based on: (i) infancy of the obligor to the extent that it is a defense to a simple contract; (ii) duress, lack […]
30-3-306. 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 person […]
30-3-307. 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 validity […]
30-3-308. Notice of breach of fiduciary duty. (1) This section applies if an instrument is taken from a fiduciary for payment or collection or for value, the taker has knowledge of the fiduciary status of the fiduciary, and the represented person makes a claim to the instrument or its proceeds on the basis that the transaction […]
30-3-309. Enforcement of lost, destroyed, or stolen instrument. (1) A person not in possession of an instrument is entitled to enforce the instrument if: (a) that person was in rightful possession of the instrument and entitled to enforce it when loss of possession occurred; (b) the loss of possession was not the result of a voluntary transfer by […]
30-3-310. 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 the […]
30-3-311. Accord and satisfaction by use of instrument. (1) This section applies if a person against whom a claim is asserted proves that: (a) that person in good faith tendered an instrument to the claimant as full satisfaction of the claim; (b) the amount of the claim was unliquidated or subject to a bona fide dispute; and (c) the […]
30-3-312. Lost, destroyed, or stolen cashier’s check, teller’s check, or certified check. (1) In this section, the following definitions apply: (a) ”Check” means a cashier’s check, teller’s check, or certified check. (b) ”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 […]
