A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.
Section: Previous 4-3-302 4-3-303 4-3-304 4-3-305 4-3-306 4-3-307 4-3-308 4-3-309 4-3-310 4-3-311 4-3-312 NextLast modified: November 15, 2016