(a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who indorse as joint payees, or anomalous indorsers are jointly and severally liable in the capacity in which they sign. the instrument is payable on demand until the fixed date and, if demand for payment of money, but the promise or order may (a) Subject to Subsection (e), an instrument is paid to the extent payment is made by or on behalf of a party obliged to pay the instrument, and to a person entitled to enforce the instrument. Requirements for Negotiability - GitHub Pages (3) If the secondary obligor is not discharged under Subdivision (2), the secondary obligor is discharged to the extent of the value of the consideration for the release, and to the extent that the release would otherwise cause the secondary obligor a loss. PRESENTMENT. PDF Coogle - Iowa Legislature If a processing fee has been collected under this section and the holder subsequently receives a reimbursement fee collected under Article 102.007(e), Code of Criminal Procedure, the holder shall immediately refund the fee previously collected from the drawer or indorser. If a delivery notification fee has been collected under this section and the holder subsequently receives a fee collected under Article 102.007(g), Code of Criminal Procedure, the holder shall immediately refund the fee previously collected from the drawer or indorser. Sec. 3-113. date of instrument . Sec. Chapter 24 TENDER OF PAYMENT. 921, Sec. 3.405. 1563), Sec. 131, Sec. 95 (S.B. 921, Sec. Under revised Article 3 of the Uniform Commercial Code, an exception to the rule that an instrument payable on demand is not payable before the date of the instrument is made for Multiple Choice holder in due course O certificates of deposits promissory notes checks This question hasn't been solved yet Ask an expert (c) Subject to Subsection (d), a claim is not discharged under Subsection (b) if either of the following applies: (1) The claimant, if an organization, proves that: (A) within a reasonable time before the tender, the claimant sent a conspicuous statement to the person against whom the claim is asserted that communications concerning disputed debts, including an instrument tendered as full satisfaction of a debt, are to be sent to a designated person, office, or place; and. - An instrument is payable on demand: (a) When it is so expressed to be payable on demand, or at sight, or on presentation; or (b) In which no time for payment is expressed. OVERDUE INSTRUMENT. An instrument is payable on demand: I. Sec. 427 (S.B. If the drawee or maker has no place of business, the place of payment is the residence of the drawee or maker. by a person whose specimen signature appears on the instrument. Must be payable to order or bearer. UCC Negotiable Instruments: Definition, Types, Creation, and - Nolo The obligation is owed to a person entitled to enforce the draft or to an indorser who paid the draft under Section 3.415. (1959, P.A. Sec. The amount or rate of interest may be stated or described in the instrument in any manner and may require reference to information not contained in the instrument. Sec. In which no time for payment is expressed. (b) The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place. The payee , which is the person who receives the payment, must be named . to secure payment, (ii) an authorization or power to the holder to confess judgment (3) "Consumer transaction" means a transaction in which an individual incurs an obligation primarily for personal, family, or household purposes. Texas Instruments declares $1.24 dividend | Seeking Alpha In that case, the drawee may cancel the acceptance. (b) Subject to Subsection (c), if an incomplete instrument is an instrument under Section 3.104, it may be enforced according to its terms if it is not completed, or according to its terms as augmented by completion. 2, eff. (b) Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course. (C) a waiver of the benefit of any law intended for the advantage or protection of an obligor. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under Section 3.415. (b) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy. (a) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by indorsement, to any subsequent transferee that: (1) the warrantor is a person entitled to enforce the instrument; (2) all signatures on the instrument are authentic and authorized; (3) the instrument has not been altered; (4) the instrument is not subject to a defense or claim in recoupment of any party that can be asserted against the warrantor; (5) the warrantor has no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an unaccepted draft, the drawer; and. 95 (S.B. The provision in this section for express indemnity does not affect any right of indemnity, subrogation, or recovery to which a holder or transferee may be entitled under any rule, written contract, judicial decision, or other statute. (a) If the terms of a drawee's acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. (D) the declarer cannot reasonably obtain possession of the check because the check 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. PROCESSING FEE BY HOLDER OF PAYMENT DEVICE. (d) A promise or order other than a check is not an instrument if, at the time it is issued or first comes into possession of a holder, it contains a conspicuous statement, however expressed, to the effect that the promise or order is not negotiable or is not an instrument governed by this Article. pay a fixed amount of money, with or without interest or other charges described (d) If a claimant has the right to assert a claim under Subsection (b) and is also a person who is entitled to enforce a cashier's check, teller's check, or certified check that is lost, destroyed, or stolen, the claimant may assert rights with respect to the check under either this section or Section 3.309. Acts 2005, 79th Leg., Ch. (b) A protest is a certificate of dishonor made by a United States consul or vice consul, or a notary public or other person authorized to administer oaths by the law of the place where dishonor occurs. 3.401. Statement 2. 3-108. payable on demand or at definite time. NEGOTIATION. Acts 2005, 79th Leg., Ch. 1, eff. An instrument is payable on demand where it is expressed to be payable on demand, on sight, or on presentation It is payable on demand also when no date of payment is specified It is payable on demand when the time of payment is left blank or unfilled INSTRUMENT ON DEMAND ONLY AS BETWEEN THE PARTIES The date stated determines the time of payment if the instrument is payable at a fixed period after date. (7) "Maker" means a person who signs or is identified in a note as a person undertaking to pay. (a) A promise or order is "payable principal has been accelerated, an instrument does 3.504. check" means a draft with respect to which DISCHARGE OF SECONDARY OBLIGORS. The value of an interest in collateral is impaired to the extent the value of the interest is reduced to an amount less than the amount of the recourse of the secondary obligor, or the reduction in value of the interest causes an increase in the amount by which the amount of the recourse exceeds the value of the interest. DRAWEE NOT LIABLE ON UNACCEPTED DRAFT. Instruments that say nothing about when payment is due are payable on demand. (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) If the certification of a check or other acceptance of a draft states the amount certified or accepted, the obligation of the acceptor is that amount. (3) If the note is not payable on demand and Subdivision (2) does not apply, the note is dishonored if it is not paid on the day it becomes payable. 346), Sec. 3.410. RESTRICTIVE INDORSEMENT. (e) If the signature of a party to an instrument is accompanied by words indicating that the party guarantees payment or the signer signs the instrument as an accommodation party in some other manner that does not unambiguously indicate an intention to guarantee collection rather than payment, the signer is obliged to pay the amount due on the instrument to a person entitled to enforce the instrument in the same circumstances as the accommodated party would be obliged, without prior resort to the accommodated party by the person entitled to enforce the instrument. 3.402. 133, S. 3-108; P.A. "Responsibility" does not include authority that merely allows an employee to have access to instruments or blank or incomplete instrument forms that are being stored or transported or are part of incoming or outgoing mail, or similar access. (b) Except as provided in Section 3.419(e) or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable law. (2) a subsequent transferee of the instrument or person who pays the instrument is neither given notice nor otherwise affected by the restriction in the indorsement unless the transferee or payor knows that the fiduciary dealt with the instrument or its proceeds in breach of fiduciary duty. 21, eff. NEGOTIATION SUBJECT TO RESCISSION. meets all of the requirements of subsection (a), except paragraph (1), and otherwise 128 (S.B. (a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (1) a document regular in form as provided in Subsection (b) that purports to be a protest; (2) a purported stamp or writing of the drawee, payor bank, or presenting bank on or accompanying the instrument stating that acceptance or payment has been refused unless reasons for the refusal are stated and the reasons are not consistent with dishonor; (3) a book or record of the drawee, payor bank, or collecting bank that is kept in the usual course of business and that shows dishonor, even if there is no evidence of who made the entry. (b) Notice of discharge of a party, other than discharge in an insolvency proceeding, is not notice of a defense under Subsection (a), but discharge is effective against a person who became a holder in due course with notice of the discharge. payment is not made before that date, becomes payable at a definite time on Sec. 3.114. (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. (b) If the validity of signatures is admitted or proved and there is compliance with Subsection (a), a plaintiff producing the instrument is entitled to payment if the plaintiff proves entitlement to enforce the instrument under Section 3.301, unless the defendant proves a defense or claim in recoupment. 2, eff. 3.110. (c) Delay in giving notice of dishonor is excused if the delay was caused by circumstances beyond the control of the person giving the notice and the person giving the notice exercised reasonable diligence after the cause of the delay ceased to operate. 3.404. 95 (S.B. An unauthorized signature may be ratified for all purposes of this chapter. (f) A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach. Sec. (d) With respect to an instrument to which Subsection (a) or (b) applies, if a person paying the instrument or taking it for value or for collection fails to exercise ordinary care in paying or taking the instrument and that failure contributes to loss resulting from payment of the instrument, the person bearing the loss may recover from the person failing to exercise ordinary care to the extent the failure to exercise ordinary care contributed to the loss. (g) A release or extension preserves a secondary obligor's recourse if the terms of the release or extension provide that: (1) the person entitled to enforce the instrument retains the right to enforce the instrument against the secondary obligor; and. GENERAL PROVISIONS AND DEFINITIONS. IMPOSTORS; FICTITIOUS PAYEES. (B) if made to any one of two or more makers, acceptors, drawees, or other payors. (c) If an instrument bears an indorsement (i) described in Section 4.201(b), or (ii) in blank or to a particular bank using the words "for deposit" or "for collection," or other words indicating a purpose of having the instrument collected by a bank for the indorser or for a particular account, the following rules apply: (1) a person, other than a bank, who purchases the instrument when so indorsed converts the instrument unless the amount paid for the instrument is received by the indorser or applied consistently with the indorsement; (2) a depositary bank that purchases the instrument or takes it for collection when so indorsed converts the instrument unless the amount paid by the bank with respect to the instrument is received by the indorser or applied consistently with the indorsement; (3) a payor bank that is also the depositary bank or that takes the instrument for immediate payment over the counter from a person other than a collecting bank converts the instrument unless the proceeds of the instrument are received by the indorser or applied consistently with the indorsement; and.
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