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Code · New Jersey · Title 12A — Commercial Transactions · Chapter 3

12A:3-306. Claims to an instrument

68 words·~1 min read·/nj/title-12a/chapter-3/12a-3-306

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.
L.1995,c.28,s.1.
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