Section 45.03.306. Claims to an instrument.

Latest version.

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.

Authorities

45.03.302;45.03.305;45.03.602

Notes

References

AS 45.03.302 Holder in due course.
AS 45.03.305 Defenses and claims in recoupment.
AS 45.03.602 Payment.

History

(Sec. 3.306 ch 114 SLA 1962; am Sec. 45 ch 35 SLA 1993)

                    
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