7-3-416
Section 7-3-416 Transfer warranties. (a) A person who transfers an instrument for consideration
warrants to the transferee and, if the transfer is by indorsement, to any subsequent transferee
that: (1) The warrantor is a person entitled to enforce the instrument; (2) All signatures
on the instrument are authentic and authorized; (3) The instrument has not been altered; (4)
The instrument is not subject to a defense or claim in recoupment of any party which can be
asserted against the warrantor; and (5) The warrantor has no knowledge of any insolvency proceeding
commenced with respect to the maker or acceptor or, in the case of an unaccepted draft, the
drawer. (b) A person to whom the warranties under subsection (a) are made and who took the
instrument in good faith may recover from the warrantor as damages for breach of warranty
an amount equal to the loss suffered as a result of the breach, but not more than the amount
of the instrument plus expenses and loss of interest incurred as 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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7-4-207
Section 7-4-207 Transfer warranties. (a) A customer or collecting bank that transfers an item
and receives a settlement or other consideration warrants to the transferee and to any subsequent
collecting bank that: (1) The warrantor is a person entitled to enforce the item; (2) All
signatures on the item are authentic and authorized; (3) The item has not been altered; (4)
The item is not subject to a defense or claim in recoupment (Section 7-3-305(a)) of any party
that can be asserted against the warrantor; and (5) The warrantor has no knowledge of any
insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an
unaccepted draft, the drawer. (b) If an item is dishonored, a customer or collecting bank
transferring the item and receiving settlement or other consideration is obliged to pay the
amount due on the item (i) according to the terms of the item at the time it was transferred,
or (ii) if the transfer was of an incomplete item, according to its terms...
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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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7-3-309
Section 7-3-309 Enforcement of lost, destroyed, or stolen instrument. (a) A person not in possession
of an instrument is entitled to enforce the instrument if: (i) the person seeking to enforce
the instrument: (A) was entitled to enforce it when loss of possession occurred, or (B) has
directly or indirectly acquired ownership of the instrument from a person who was entitled
to enforce the instrument when the loss of possession occurred; and (ii) the loss of possession
was not the result of a transfer by the person or a lawful seizure; and (iii) the person cannot
reasonably obtain possession of the instrument because the instrument was destroyed, its whereabouts
cannot be determined, or it is in the wrongful possession of an unknown person or a person
that cannot be found or is not amenable to service of process. (b) A person seeking enforcement
of an instrument under subsection (a) must prove the terms of the instrument and the person's
right to enforce the instrument. If that proof is...
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7-8-306
Section 7-8-306 Effect of guaranteeing signature, indorsement, or instruction. (a) A person
who guarantees a signature of an indorser of a security certificate warrants that at the time
of signing: (1) the signature was genuine; (2) the signer was an appropriate person to indorse,
or if the signature is by an agent, the agent had actual authority to act on behalf of the
appropriate person; and (3) the signer had legal capacity to sign. (b) A person who guarantees
a signature of the originator of an instruction warrants that at the time of signing: (1)
the signature was genuine; (2) the signer was an appropriate person to originate the instruction,
or if the signature is by an agent, the agent had actual authority to act on behalf of the
appropriate person, if the person specified in the instruction as the registered owner was,
in fact, the registered owner, as to which fact the signature guarantor does not make a warranty;
and (3) the signer had legal capacity to sign. (c) A person who...
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8-20-4
Section 8-20-4 Unfair and deceptive trade practices. Notwithstanding the terms, provisions,
or conditions of any dealer agreement or franchise or the terms or provisions of any waiver,
prior to the termination, cancellation, or nonrenewal of any dealer agreement or franchise,
the following acts or conduct shall constitute unfair and deceptive trade practices: (1) For
any manufacturer, factory branch, factory representative, distributor, or wholesaler, distributor
branch, or distributor representative to coerce or attempt to coerce any motor vehicle dealer
to do any of the following: a. To accept, buy, or order any motor vehicle or vehicles, appliances,
equipment, parts, or accessories therefor, or any other commodity or commodities or service
or services which such motor vehicle dealer has not voluntarily ordered or requested except
items required by applicable local, state, or federal law; or to require a motor vehicle dealer
to accept, buy, order, or purchase such items in order to...
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7-4-209
Section 7-4-209 Encoding and retention warranties. (a) A person who encodes information on
or with respect to an item after issue warrants to any subsequent collecting bank and to the
payor bank or other payor that the information is correctly encoded. If the customer of a
depositary bank encodes, that bank also makes the warranty. (b) A person who undertakes to
retain an item pursuant to an agreement for electronic presentment warrants to any subsequent
collecting bank and to the payor bank or other payor that retention and presentment of the
item comply with the agreement. If a customer of a depositary bank undertakes to retain an
item, that bank also makes this warranty. (c) A person to whom warranties are made under this
section and who took the item in good faith may recover from the warrantor as damages for
breach of warranty an amount equal to the loss suffered as a result of the breach, plus expenses
and loss of interest incurred as a result of the breach. (Acts 1995, No....
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7-3-602
Section 7-3-602 Payment. (a) Subject to subsection (b), an instrument is paid to the extent
payment is made (i) by or on behalf of a party obliged to pay the instrument, and (ii) to
a person entitled to enforce the instrument. To the extent of the payment, the obligation
of the party obliged to pay the instrument is discharged even though payment is made with
knowledge of a claim to the instrument under Section 7-3-306 by another person. (b) The obligation
of a party to pay the instrument is not discharged under subsection (a) if: (1) A claim to
the instrument under Section 7-3-306 is enforceable against the party receiving payment and
(i) payment is made with knowledge by the payor that payment is prohibited by injunction or
similar process of a court of competent jurisdiction, or (ii) in the case of an instrument
other than a cashier's check, teller's check, or certified check, the party making payment
accepted, from the person having a claim to the instrument, indemnity against loss...
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7-8-312
Section 7-8-312 (Effective Until January 1, 1997) Effect of guaranteeing signature or indorsement.
(1) Any person guaranteeing a signature of an indorser of a security warrants that at the
time of signing: (a) The signature was genuine; and (b) The signer was an appropriate person
to indorse (Section 7-8-308); and (c) The signer had legal capacity to sign. But the guarantor
does not otherwise warrant the rightfulness of the particular transfer. (2) Any person may
guarantee an indorsement of a security and by so doing warrants not only the signature (subsection
(1)) but also the rightfulness of the particular transfer in all respects. But no issuer may
require a guarantee of indorsement as a condition to registration of transfer. (3) The foregoing
warranties are made to any person taking or dealing with the security in reliance on the guarantee
and the guarantor is liable to such person for any loss resulting from breach of the warranties.
(Acts 1965, No. 549, p. 811.)...
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