7-3-601
Section 7-3-601 Discharge and effect of discharge. (a) The obligation of a party to pay the
instrument is discharged as stated in this article or by an act or agreement with the party
which would discharge an obligation to pay money under a simple contract. (b) Discharge of
the obligation of a party is not effective against a person acquiring rights of a holder in
due course of the instrument without notice of the discharge. (Acts 1965, No. 549, p. 811;
repealed by Acts 1995, No. 95-668, p. 1381, §1; added by Acts 1995, No. 95-668, p. 1381,
§1.)...
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7-3-413
Section 7-3-413 Obligation of acceptor. (a) The acceptor of a draft is obliged to pay the draft
(i) according to its terms at the time it was accepted, even though the acceptance states
that the draft is payable "as originally drawn" or equivalent terms, (ii) if the
acceptance varies the terms of the draft, according to the terms of the draft as varied, or
(iii) if the acceptance is of a draft that is an incomplete instrument, according to its terms
when completed, to the extent stated in Sections 7-3-115 and 7-3-407. The obligation is owed
to a person entitled to enforce the draft or to the drawer or an indorser who paid the draft
under Section 7-3-414 or 7-3-415. (b) If the certification of a check or other acceptance
of a draft states the amount certified or accepted, the obligation of the acceptor is that
amount. If (i) the certification or acceptance does not state an amount, (ii) the amount of
the instrument is subsequently raised, and (iii) the instrument is then negotiated to a...

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7-9A-404
Section 7-9A-404 Rights acquired by assignee; claims and defenses against assignee. (a) Assignee's
rights subject to terms, claims, and defenses; exceptions. Unless an account debtor has made
an enforceable agreement not to assert defenses or claims, and subject to subsections (b)
through (e), the rights of an assignee are subject to: (1) all terms of the agreement between
the account debtor and assignor and any defense or claim in recoupment arising from the transaction
that gave rise to the contract; and (2) any other defense or claim of the account debtor against
the assignor which accrues before the account debtor receives a notification of the assignment
authenticated by the assignor or the assignee. (b) Account debtor's claim reduces amount owed
to assignee. Subject to subsection (c) and except as otherwise provided in subsection (d),
the claim of an account debtor against an assignor may be asserted against an assignee under
subsection (a) only to reduce the amount the account...
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35-10-91
Section 35-10-91 Payoff statement; notice. (a) A person liable for payment or performance of
the obligation secured by the real property described in a security instrument who makes proper
notice pursuant to this section shall be entitled to receive a payoff statement. (b) Proper
notice must contain all of the following: (1) The entitled person's name. (2) If given by
a person other than an entitled person, the name of the person giving the notification and
a statement, if required by the secured party evidence, that the person is an authorized agent
of the entitled person. (3) The address to which the creditor must send the statement. (4)
The account number assigned by the secured creditor or other sufficient information to enable
the creditor to identify the secured obligation and the real property encumbered by the security
interest. (5) If the secured obligation is an equity line, a statement that the entitled person
requests the secured creditor to close the equity line upon...
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7-2-312
Section 7-2-312 Warranty of title and against infringement; buyer's obligation against infringement.
(1) Subject to subsection (2) there is in a contract for sale a warranty by the seller that:
(a) The title conveyed shall be good, and its transfer rightful; and (b) The goods shall be
delivered free from any security interest or other lien or encumbrance of which the buyer
at the time of contracting has no knowledge. (2) A warranty under subsection (1) will be excluded
or modified only by specific language or by circumstances which give the buyer reason to know
that the person selling does not claim title in himself or that he is purporting to sell only
such right or title as he or a third person may have. (3) Unless otherwise agreed a seller
who is a merchant regularly dealing in goods of the kind warrants that the goods shall be
delivered free of the rightful claim of any third person by way of infringement or the like,
but a buyer who furnishes specifications to the seller must hold...
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10A-1-9.22
Section 10A-1-9.22 Unknown claims against dissolved domestic entity. (a) A dissolved domestic
entity may publish notice of its dissolution and request that persons with claims against
the dissolved domestic entity present them in accordance with the notice. (b) The notice authorized
by subsection (a) must: (1) Be published at least one time in a newspaper of general circulation
in the county in which the dissolved domestic entity's principal office is located, or, if
it has none in this state, in the county in which the dissolved domestic entity's registered
office, is or was last located; (2) Describe the information that must be included in a claim
and provide a mailing address to which the claim is to be sent; and (3) State that if not
sooner barred, a claim against the dissolved domestic entity will be barred unless a proceeding
to enforce the claim is commenced within two years after the publication of the notice. (c)
If a dissolved domestic entity publishes a newspaper notice in...
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7-3-407
Section 7-3-407 Alteration. (a) "Alteration" means (i) an unauthorized change in
an instrument that purports to modify in any respect the obligation of a party, or (ii) an
unauthorized addition of words or numbers or other change to an incomplete instrument relating
to the obligation of a party. (b) Except as provided in subsection (c), an alteration fraudulently
made discharges a party whose obligation is affected by the alteration unless that party assents
or is precluded from asserting the alteration. No other alteration discharges a party, and
the instrument may be enforced according to its original terms. (c) A payor bank or drawee
paying a fraudulently altered instrument or a person taking it for value, in good faith and
without notice of the alteration, may enforce rights with respect to the instrument (i) according
to its original terms, or (ii) in the case of an incomplete instrument altered by unauthorized
completion, according to its terms as completed. (Acts 1965, No. 549,...
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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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7-3-104
Section 7-3-104 Negotiable instrument. (a) Except as provided in subsections (c) and (d), "negotiable
instrument" means an unconditional promise or order to pay a fixed amount of money, with
or without interest or other charges described in the promise or order, if it: (1) Is payable
to bearer or to order at the time it is issued or first comes into possession of a holder;
(2) Is payable on demand or at a definite time; and (3) Does not state any other undertaking
or instruction by the person promising or ordering payment to do any act in addition to the
payment of money, but the promise or order may contain (i) an undertaking or power to give,
maintain, or protect collateral to secure payment, (ii) an authorization or power to the holder
to confess judgment or realize on or dispose of collateral, or (iii) a waiver of the benefit
of any law intended for the advantage or protection of an obligor. (b) "Instrument"
means a negotiable instrument. (c) An order that meets all of the...
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10A-8A-8.06
Section 10A-8A-8.06 Known claims against dissolved partnership. Notwithstanding Sections 10A-1-9.01
and 10A-1-9.21: (a) A dissolved partnership may dispose of any known claims against it by
following the procedures described in subsection (b) at any time after the effective date
of the dissolution of the partnership. (b) A dissolved partnership may give notice of the
dissolution in writing to the holder of any known claim. The notice must: (1) identify the
dissolved partnership; (2) describe the information required to be included in a claim; (3)
provide a mailing address to which the claim is to be sent; (4) state the deadline, which
may not be fewer than 120 days from the effective date of the notice, by which the dissolved
partnership must receive the claim; (5) state that if not sooner barred, the claim will be
barred if not received by the deadline; and (6) unless the partnership has been throughout
its existence a limited liability partnership, state that the barring of a claim...
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