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Code · UCC · UCC Article 3 — Negotiable Instruments · § 3-306

§ 3-306. 3-306

69 words·~1 min read·/us/ucc/a3/s3-306

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.
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