§3-306. Claims to an instrument

Link to law: http://legislature.vermont.gov/statutes/section/09A/003/00306
Published: 2015

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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 having rights of a holder in due course

takes free of the claim to the instrument. (Added 1993, No. 158 (Adj. Sess.), §

12, eff. Jan. 1, 1995.)