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7-3-604
Section 7-3-604 Discharge by cancellation or renunciation. (a) A person entitled to enforce
an instrument, with or without consideration, may discharge the obligation of a party to pay
the instrument (i) by an intentional voluntary act, such as surrender of the instrument to
the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking
out of the party's signature, or the addition of words to the instrument indicating discharge,
or (ii) by agreeing not to sue or otherwise renouncing rights against the party by a signed
writing. (b) Cancellation or striking out of an indorsement pursuant to subsection (a) does
not affect the status and rights of a party derived from the indorsement. (Acts 1995, No.
95-668, p. 1381, ยง1.)...
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7-3-103
Section 7-3-103 Definitions. (a) In this article: (1) "Acceptor" means a drawee who
has accepted a draft. (2) "Drawee" means a person ordered in a draft to make payment.
(3) "Drawer" means a person who signs or is identified in a draft as a person ordering
payment. (4) "Good faith" means honesty in fact in the conduct or transaction concerned.
(5) "Maker" means a person who signs or is identified in a note as a person undertaking
to pay. (6) "Order" means a written instruction to pay money signed by the person
giving the instruction. The instruction may be addressed to any person, including the person
giving the instruction, or to one or more persons jointly or in the alternative but not in
succession. An authorization to pay is not an order unless the person authorized to pay is
also instructed to pay. (7) "Ordinary care" in the case of a person engaged in business
means observance of reasonable commercial standards, prevailing in the area in which the person
is located, with respect...
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7-3-404
Section 7-3-404 Impostors; fictitious payees. (a) If an impostor, by use of the mails or otherwise,
induces the issuer of an instrument to issue the instrument to the impostor, or to a person
acting in concert with the impostor, by impersonating the payee of the instrument or a person
authorized to act for the payee, an indorsement of the instrument by any person in the name
of the payee is effective as the indorsement of the payee in favor of a person who, in good
faith, pays the instrument or takes it for value or for collection. (b) If (i) a person whose
intent determines to whom an instrument is payable (Section 7-3-110(a) or (b)) does not intend
the person identified as payee to have any interest in the instrument, or (ii) the person
identified as payee of an instrument is a fictitious person, the following rules apply until
the instrument is negotiated by special indorsement: (1) Any person in possession of the instrument
is its holder. (2) An indorsement by any person in the...
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7-8-108
Section 7-8-108 Warranties in direct holding. (a) A person who transfers a certificated security
to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by
indorsement, warrants to any subsequent purchaser, that: (1) the certificate is genuine and
has not been materially altered; (2) the transferor or indorser does not know of any fact
that might impair the validity of the security; (3) there is no adverse claim to the security;
(4) the transfer does not violate any restriction on transfer; (5) if the transfer is by indorsement,
the indorsement is made by an appropriate person, or if the indorsement is by an agent, the
agent has actual authority to act on behalf of the appropriate person; and (6) the transfer
is otherwise effective and rightful. (b) A person who originates an instruction for registration
of transfer of an uncertificated security to a purchaser for value warrants to the purchaser
that: (1) the instruction is made by an appropriate person,...
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7-3-402
Section 7-3-402 Signature by representative. (a) If a person acting, or purporting to act,
as a representative signs an instrument by signing either the name of the represented person
or the name of the signer, the represented person is bound by the signature to the same extent
the represented person would be bound if the signature were on a simple contract. If the represented
person is bound, the signature of the representative is the "authorized signature of
the represented person" and the represented person is liable on the instrument, whether
or not identified in the instrument. (b) If a representative signs the name of the representative
to an instrument and the signature is an authorized signature of the represented person, the
following rules apply: (1) If the form of the signature shows unambiguously that the signature
is made on behalf of the represented person who is identified in the instrument, the representative
is not liable on the instrument. (2) Subject to subsection...
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7-3-417
Section 7-3-417 Presentment warranties. (a) If an unaccepted draft is presented to the drawee
for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining
payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft,
at the time of transfer, warrant to the drawee making payment or accepting the draft in good
faith that: (1) The warrantor is, or was, at the time the warrantor transferred the draft,
a person entitled to enforce the draft or authorized to obtain payment or acceptance of the
draft on behalf of a person entitled to enforce the draft; (2) The draft has not been altered;
and (3) The warrantor has no knowledge that the signature of the drawer of the draft is unauthorized.
(b) A drawee making payment may recover from any warrantor damages for breach of warranty
equal to the amount paid by the drawee less the amount the drawee received or is entitled
to receive from the drawer because of the payment. In addition,...
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7-8-107
Section 7-8-107 Whether indorsement, instruction, or entitlement order is effective. (a) "Appropriate
person" means: (1) with respect to an indorsement, the person specified by a security
certificate or by an effective special indorsement to be entitled to the security; (2) with
respect to an instruction, the registered owner of an uncertificated security; (3) with respect
to an entitlement order, the entitlement holder; (4) if the person designated in paragraph
(1), (2), or (3) is deceased, the designated person's successor taking under other law or
the designated person's personal representative acting for the estate of the decedent; or
(5) if the person designated in paragraph (1), (2), or (3) lacks capacity, the designated
person's guardian, conservator, or other similar representative who has power under other
law to transfer the security or financial asset. (b) An indorsement, instruction, or entitlement
order is effective if: (1) it is made by the appropriate person; (2) it is...
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7-3-106
Section 7-3-106 Unconditional promise or order. (a) Except as provided in this section, for
the purposes of Section 7-3-104(a), a promise or order is unconditional unless it states (i)
an express condition to payment, (ii) that the promise or order is subject to or governed
by another writing, or (iii) that rights or obligations with respect to the promise or order
are stated in another writing. A reference to another writing does not of itself make the
promise or order conditional. (b) A promise or order is not made conditional (i) by a reference
to another writing for a statement of rights with respect to collateral, prepayment, or acceleration,
or (ii) because payment is limited to resort to a particular fund or source. (c) If a promise
or order requires, as a condition to payment, a countersignature by a person whose specimen
signature appears on the promise or order, the condition does not make the promise or order
conditional for the purposes of Section 7-3-104(a). If the person...
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26-23F-3
Section 26-23F-3 Definitions. For the purpose of this chapter, the following words and phrases
shall have the following meanings: (1) ABORTION. The use or prescription of any instrument,
medicine, drug, or any other substance or device with the intent to terminate the pregnancy
of a woman known to be pregnant with knowledge that the termination by those means will with
reasonable likelihood cause the death of the unborn child. Such use or prescription is not
an abortion if done with the intent to save the life or preserve the health of an unborn child,
remove a dead unborn child, or to deliver the unborn child prematurely in order to preserve
the health of both the mother (pregnant woman) and her unborn child. The term "abortion"
as used in this chapter, does not include a procedure or act to terminate the pregnancy of
a woman with an ectopic pregnancy, nor does it include the procedure or act to terminate the
pregnancy of a woman when the unborn child has a lethal anomaly. (2) BODILY...
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7-3-409
Section 7-3-409 Acceptance of draft; certified check. (a) "Acceptance" means the
drawee's signed agreement to pay a draft as presented. It must be written on the draft and
may consist of the drawee's signature alone. Acceptance may be made at any time and becomes
effective when notification pursuant to instructions is given or the accepted draft is delivered
for the purpose of giving rights on the acceptance to any person. (b) A draft may be accepted
although it has not been signed by the drawer, is otherwise incomplete, is overdue, or has
been dishonored. (c) If a draft is payable at a fixed period after sight and the acceptor
fails to date the acceptance, the holder may complete the acceptance by supplying a date in
good faith. (d) "Certified check" means a check accepted by the bank on which it
is drawn. Acceptance may be made as stated in subsection (a) or by a writing on the check
which indicates that the check is certified. The drawee of a check has no obligation to certify
the...
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