7-3-406
Section 7-3-406 Negligence contributing to forged signature or alteration of instrument. (a)
A person whose failure to exercise ordinary care substantially contributes to an alteration
of an instrument or to the making of a forged signature on an instrument is precluded from
asserting the alteration or the forgery against a person who, in good faith, pays the instrument
or takes it for value or for collection. (b) Under subsection (a), if the person asserting
the preclusion fails to exercise ordinary care in paying or taking the instrument and that
failure substantially contributes to loss, the loss is allocated between the person precluded
and the person asserting the preclusion according to the extent to which the failure of each
to exercise ordinary care contributed to the loss. (c) Under subsection (a), the burden of
proving failure to exercise ordinary care is on the person asserting the preclusion. Under
subsection (b), the burden of proving failure to exercise ordinary care is...
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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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7-3-405
Section 7-3-405 Employer's responsibility for fraudulent indorsement by employee. (a) This
section applies to fraudulent indorsements of instruments with respect to which an employer
has entrusted an employee with responsibility as part of the employee's duties. The following
definitions apply to this section: (1) "Employee" includes an independent contractor
and employee of an independent contractor retained by the employer. (2) "Fraudulent indorsement"
means (i) in the case of an instrument payable to the employer, a forged indorsement purporting
to be that of the employer, or (ii) in the case of an instrument with respect to which the
employer is the issuer, a forged indorsement purporting to be that of the person identified
as payee. (3) "Responsibility" with respect to instruments means authority (i) to
sign or indorse instruments on behalf of the employer, (ii) to process instruments received
by the employer for bookkeeping purposes, for deposit to an account, or for other...
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7-4-406
Section 7-4-406 Customer's duty to discover and report unauthorized signature or alteration.
(a) A bank that sends or makes available to a customer a statement of account showing payment
of items for the account shall either return or make available to the customer the items paid
or provide information in the statement of account sufficient to allow the customer reasonably
to identify the items paid. The statement of account provides sufficient information if the
item is described by item number, amount, and date of payment. (b) If the items are not returned
to the customer, the person retaining the items shall either retain the items or, if the items
are destroyed, maintain the capacity to furnish legible copies of the items until the expiration
of seven years after receipt of the items. A customer may request an item from the bank that
paid the item, and that bank must provide in a reasonable time either the item or, if the
item has been destroyed or is not otherwise obtainable, a...
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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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7-4-208
Section 7-4-208 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 that pays or accepts 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 purported drawer of the draft
is unauthorized. (b) A drawee making payment may recover from a 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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7-3-418
Section 7-3-418 Payment or acceptance by mistake. (a) Except as provided in subsection (c),
if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief
that (i) payment of the draft had not been stopped pursuant to Section 7-4-403 or (ii) the
signature of the drawer of the draft was authorized, the drawee may recover the amount of
the draft from the person to whom or for whose benefit payment was made or, in the case of
acceptance, may revoke the acceptance. Rights of the drawee under this subsection are not
affected by failure of the drawee to exercise ordinary care in paying or accepting the draft.
(b) Except as provided in subsection (c), if an instrument has been paid or accepted by mistake
and the case is not covered by subsection (a), the person paying or accepting may, to the
extent permitted by the law governing mistake and restitution, (i) recover the payment from
the person to whom or for whose benefit payment was made or (ii) in the case of...
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35-8A-303
Section 35-8A-303 Board members and officers. (a) Except as provided in the declaration, the
bylaws, the articles of incorporation in subsection (b), or other provisions of this chapter,
the board may act in all instances on behalf of the association. In the performance of their
duties, the officers and members of the board are required to exercise: (i) if appointed by
the declarant; the care required of fiduciaries of the unit owners other than the declarant
and (ii) if elected by the unit owners other than declarant, ordinary and reasonable care.
(b) The board may not act on behalf of the association to amend the declaration as specified
in Section 35-8A-217, to terminate the condominium described in Section 35-8A-218, or to elect
members of the board or to determine the qualifications, powers and duties, or terms of office
of board members as provided in Section 35-8A-303(f), but the board may fill vacancies in
its membership for the unexpired portion of any term. (c) Within 30 days...
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26-1-2
Section 26-1-2 Durable power of attorney; appointment by court of guardian, etc., subsequent
to execution of durable power of attorney; effect of death of principal upon agency relationship;
affidavit by person exercising power of attorney as to lack of knowledge of revocation, etc.;
health care power of attorney. (a) A durable power of attorney is a power of attorney by which
a principal designates another his or her attorney in fact or agent in writing and the writing
contains the words "This power of attorney shall not be affected by disability, incompetency,
or incapacity of the principal" or "This power of attorney shall become effective
upon the disability, incompetency, or incapacity of the principal" or similar words showing
the intent of the principal that the authority conferred shall be exercisable notwithstanding
the principal's subsequent disability, incompetency, or incapacity. (b) All acts done by an
attorney in fact pursuant to a durable power of attorney during any...
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6-5-347
Section 6-5-347 Agritourism. (a) For the purposes of this section, the following terms shall
have the following meanings: (1) AGRICULTURAL. As defined in Section 41-14-51. (2) AGRITOURISM
ACTIVITY. Any of the following, whether or not a participant provides monetary or other valuable
compensation to participate in, view, or enjoy: a. An activity at an agricultural operation,
which is not already addressed under Sections 6-5-337 or 35-15-40, including, but not limited
to, farming, ranching, historic and cultural agricultural activities, self-pick farms, or
farmers' markets, provided the agritourism professional is selling his or her own product
at a location provided to, leased to, rented to, or owned by the agritourism professional
for the purpose of selling his or her own product. b. An activity involving an animal exhibition,
show, or competition at an agricultural fair or youth livestock show, which is not already
addressed under Section 6-5-337, including, but not limited to, FFA,...
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