Print

The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

003

:
Commercial Paper











 

§

3-309. Enforcement of lost, destroyed, or stolen instrument

(a) A person not

in possession of an instrument is entitled to enforce the instrument if (i) the

person was in possession of the instrument and entitled to enforce it when loss

of possession occurred, (ii) the loss of possession was not the result of a

transfer by the person or a lawful seizure, and (iii) the person cannot

reasonably obtain possession of the instrument because the instrument was

destroyed, its whereabouts cannot be determined, or it is in the wrongful

possession of an unknown person or a person that cannot be found or is not

amenable to service of process.

(b) A person

seeking enforcement of an instrument under subsection (a) must prove the terms

of the instrument and the person's right to enforce the instrument. If that

proof is made, section 3-308  of this

titleapplies to the case as if the person seeking enforcement had produced the

instrument. The court may not enter judgment in favor of the person seeking

enforcement unless it finds that the person required to pay the instrument is

adequately protected against loss that might occur by reason of a claim by

another person to enforce the instrument. Adequate protection may be provided

by any reasonable means. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1,

1995.)