§ 3105. Issue of instrument.

225 words·~1 min read·/pa/title-13/chapter-31/3105

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

(a)Definition of "issue".-- "Issue" means:

(1)the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person; or

(2)if agreed by the payee, the first transmission by the drawer to the payee of an image of an item and information derived from the item which enables the depositary bank to collect the item by transferring or presenting under Federal law an electronic check.

(b)When certain instruments are binding on maker or drawer.-- An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.

(c)Definition of "issuer".-- "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument.

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(July 1, 2024, P.L.450, No.41, eff. 60 days)

2024 Amendment. Act 41 amended subsec. (a). See section 1 of Act 41 in the appendix to this title for special provisions relating to findings and declarations.

Cross References. Section 3105 is referred to in section 3103 of this title.

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