§3-207. Reacquisition

Link to law: http://legislature.vermont.gov/statutes/section/09A/003/00207
Published: 2015

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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

003

:
Commercial Paper











 

§

3-207. 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 cancelled is discharged, and the discharge is effective against

any subsequent holder. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1,

1995.)
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