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New York Uniform Commercial Code - Part 8 - § 3-804 Lost, Destroyed or Stolen Instruments

Legal Research Home > New York Laws > New York Uniform Commercial Code (UCC) > New York Uniform Commercial Code - Part 8 - § 3-804 Lost, Destroyed or Stolen Instruments

 
  Section. 3--804. Lost, Destroyed or Stolen Instruments.
    The  owner  of  an  instrument  which is lost, whether by destruction,
  theft or otherwise, may maintain an action in his own name  and  recover
  from any party liable thereon upon due proof of his ownership, the facts
  which  prevent his production of the instrument and its terms. The court
  shall require security, in an amount fixed by the court  not  less  than
  twice  the  amount  allegedly unpaid on the instrument, indemnifying the
  defendant, his heirs, personal representatives, successors  and  assigns
  against  loss, including costs and expenses, by reason of further claims
  on the instrument, but this provision does not apply where an action  is
  prosecuted  or  defended  by  the  state  or  by a public officer in its
  behalf.

Last modified: February 18, 2012