47-3207. Reacquisition
Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder.
Section: Previous 47-3119 47-3201 47-3202 47-3203 47-3204 47-3205 47-3206 47-3207 47-3301 47-3302 47-3303 47-3304 47-3305 47-3306 47-3307 NextLast modified: October 13, 2016