(a) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.
(b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.
(c) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument.
Section: Previous 45.03.101 45.03.102 45.03.103 45.03.104 45.03.105 45.03.106 45.03.107 45.03.108 45.03.109 45.03.110 45.03.111 45.03.112 45.03.113 45.03.114 45.03.115 NextLast modified: November 15, 2016