11 §3-1207. Reacquisition
Title 11: UNIFORM COMMERCIAL CODE
Article 3-A: NEGOTIABLE INSTRUMENTS HEADING: PL 1993, C. 293, PT, A, §2 (NEW)
Part 2: NEGOTIATION, TRANSFER AND INDORSEMENT HEADING: PL 1993, C. 293, PT. A, §2 (NEW)
§3-1207. Reacquisition
Reacquisition of an instrument occurs if it is transferred to a former holder by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged and the discharge is effective against any subsequent holder. [1993, c. 293, Pt. A, §2 (NEW).]
SECTION HISTORY
1993, c. 293, §A2 (NEW).