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7-3-203
Section 7-3-203 Transfer of instrument; rights acquired by transfer. (a) An instrument is transferred
when it is delivered by a person other than its issuer for the purpose of giving to the person
receiving delivery the right to enforce the instrument. (b) Transfer of an instrument, whether
or not the transfer is a negotiation, vests in the transferee any right of the transferor
to enforce the instrument, including any right as a holder in due course, but the transferee
cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from
a holder in due course if the transferee engaged in fraud or illegality affecting the instrument.
(c) Unless otherwise agreed, if an instrument is transferred for value and the transferee
does not become a holder because of lack of indorsement by the transferor, the transferee
has a specifically enforceable right to the unqualified indorsement of the transferor, but
negotiation of the instrument does not occur until the...
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7-3-205
Section 7-3-205 Special indorsement; blank indorsement; anomalous indorsement. (a) If an indorsement
is made by the holder of an instrument, whether payable to an identified person or payable
to bearer, and the indorsement identifies a person to whom it makes the instrument payable,
it is a "special indorsement." When specially indorsed, an instrument becomes payable
to the identified person and may be negotiated only by the indorsement of that person. The
principles stated in Section 7-3-110 apply to special indorsements. (b) If an indorsement
is made by the holder of an instrument and it is not a special indorsement, it is a "blank
indorsement." When indorsed in blank, an instrument becomes payable to bearer and may
be negotiated by transfer of possession alone until specially indorsed. (c) The holder may
convert a blank indorsement that consists only of a signature into a special indorsement by
writing, above the signature of the indorser, words identifying the person to whom the...
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7-3-307
Section 7-3-307 Notice of breach of fiduciary duty. (a) In this section: (1) "Fiduciary"
means an agent, trustee, partner, corporate officer or director, or other representative owing
a fiduciary duty with respect to an instrument. (2) "Represented person" means the
principal, beneficiary, partnership, corporation, or other person to whom the duty stated
in subdivision (1) is owed. (b) If (i) an instrument is taken from a fiduciary for payment
or collection or for value, (ii) the taker has knowledge of the fiduciary status of the fiduciary,
and (iii) the represented person makes a claim to the instrument or its proceeds on the basis
that the transaction of the fiduciary is a breach of fiduciary duty, the following rules apply:
(1) Notice of breach of fiduciary duty by the fiduciary is notice of the claim of the represented
person. (2) In the case of an instrument payable to the represented person or the fiduciary
as such, the taker has notice of the breach of fiduciary duty if the...
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7-3-403
Section 7-3-403 Unauthorized signature. (a) Unless otherwise provided in this article or Article
4, an unauthorized signature is ineffective except as the signature of the unauthorized signer
in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized
signature may be ratified for all purposes of this article. (b) If the signature of more than
one person is required to constitute the authorized signature of an organization, the signature
of the organization is unauthorized if one of the required signatures is lacking. (c) The
civil or criminal liability of a person who makes an unauthorized signature is not affected
by any provision of this article which makes the unauthorized signature effective for the
purposes of this article. (Acts 1995, No. 95-668, p. 1381, ยง1.)...
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7-3-605
Section 7-3-605 Discharge of indorsers and accommodation parties. (a) In this section, the
term "indorser" includes a drawer having the obligation described in Section 7-3-414(d).
(b) Discharge, under Section 7-3-604, of the obligation of a party to pay an instrument does
not discharge the obligation of an indorser or accommodation party having a right of recourse
against the discharged party. (c) If a person entitled to enforce an instrument agrees, with
or without consideration, to an extension of the due date of the obligation of a party to
pay the instrument, the extension discharges an indorser or accommodation party having a right
of recourse against the party whose obligation is extended to the extent the indorser or accommodation
party proves that the extension caused loss to the indorser or accommodation party with respect
to the right of recourse. (d) If a person entitled to enforce an instrument agrees, with or
without consideration, to a material modification of the...
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19-3B-1013
Section 19-3B-1013 Certification of trust. (a) Instead of furnishing a copy of the trust instrument
to a person other than a beneficiary, the trustee may furnish to the person a certification
of trust containing the following information: (1) that the trust exists and the date the
trust instrument was executed; (2) the identity of the settlor; (3) the identity and address
of the currently acting trustee; (4) the powers of the trustee in a pending transaction or
relevant to the request; (5) the revocability or irrevocability of the trust and the identity
of any person holding a power to revoke the trust; (6) the authority of co-trustees to sign
or otherwise authenticate and whether all or less than all are required in order to exercise
powers of the trustee; (7) the trust's taxpayer identification number; and (8) the name in
which title to trust property may be taken. (b) A certification of trust may be signed or
otherwise authenticated by any trustee. (c) A certification of trust must...
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7-3-204
Section 7-3-204 Indorsement. (a) "Indorsement" means a signature, other than that
of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made
on an instrument for the purpose of (i) negotiating the instrument, (ii) restricting payment
of the instrument, or (iii) incurring indorser's liability on the instrument, but regardless
of the intent of the signer, a signature and its accompanying words is an indorsement unless
the accompanying words, terms of the instrument, place of the signature, or other circumstances
unambiguously indicate that the signature was made for a purpose other than indorsement. For
the purpose of determining whether a signature is made on an instrument, a paper affixed to
the instrument is a part of the instrument. (b) "Indorser" means a person who makes
an indorsement. (c) For the purpose of determining whether the transferee of an instrument
is a holder, an indorsement that transfers a security interest in the instrument is...
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7-3-504
Section 7-3-504 Excused presentment and notice of dishonor. (a) Presentment for payment or
acceptance of an instrument is excused if (i) the person entitled to present the instrument
cannot with reasonable diligence make presentment, (ii) the maker or acceptor has repudiated
an obligation to pay the instrument or is dead or in insolvency proceedings, (iii) by the
terms of the instrument presentment is not necessary to enforce the obligation of indorsers
or the drawer, (iv) the drawer or indorser whose obligation is being enforced has waived presentment
or otherwise has no reason to expect or right to require that the instrument be paid or accepted,
or (v) the drawer instructed the drawee not to pay or accept the draft or the drawee was not
obligated to the drawer to pay the draft. (b) Notice of dishonor is excused if (i) by the
terms of the instrument notice of dishonor is not necessary to enforce the obligation of a
party to pay the instrument, or (ii) the party whose obligation is...
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1-3-3
Section 1-3-3 Execution of bonds, warrants, notes, etc., with facsimile signatures and seals.
(a) In any instance where any bond, warrant, note or certificate is issued by any county,
municipality, board of education or public corporation in this state and is required or permitted
to be executed or attested by more than one person, a facsimile of the signature of any one
or more of the persons or officers executing or attesting the same may be imprinted or otherwise
reproduced on such instrument; provided, that at least one signature so required shall be
manually subscribed thereon. In any instance where any interest coupons are attached to any
such bond, warrant, note or certificate in evidence of installments of interest payable thereon,
a facsimile of any or all of the signatures required or permitted thereon may be imprinted
or otherwise reproduced thereon, and it shall not be necessary that any signature be manually
inscribed on any such interest coupon. Any signature required or...
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12-19-273
Section 12-19-273 Court to exercise sound discretion and specifically set forth reasons for
award; factors to be considered. In determining the amount of an award of costs or attorneys'
fees, the court shall exercise its sound discretion. When granting an award of costs and attorneys'
fees, the court shall specifically set forth the reasons for such award and shall consider
the following factors, among others, in determining whether to assess attorneys' fees and
costs and the amount to be assessed: (1) The extent to which any effort was made to determine
the validity of any action, claim or defense before it was asserted; (2) The extent of any
effort made after the commencement of an action to reduce the number of claims being asserted
or to dismiss claims that have been found not to be valid; (3) The availability of facts to
assist in determining the validity of an action, claim or defense; (4) The relative financial
position of the parties involved; (5) Whether or not the action was...
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