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Code · Maine · Title 11: UNIFORM COMMERCIAL CODE

§3-1306. Claims to an instrument

75 words·~1 min read·/me/title-11-uniform-commercial-code/3-1306

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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. [PL 1993, c. 293, Pt. A, §2 (NEW).]
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