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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

003

:
Commercial Paper











 

§

3-201. Negotiation

(a)

"Negotiation" means a transfer of possession, whether voluntary or

involuntary, of an instrument by a person other than the issuer to a person who

thereby becomes its holder.

(b) Except for

negotiation by a remitter, if an instrument is payable to an identified person,

negotiation requires transfer of possession of the instrument and its

indorsement by the holder. If an instrument is payable to bearer, it may be

negotiated by transfer of possession alone. (Added 1993, No. 158 (Adj. Sess.), §

12, eff. Jan. 1, 1995.)