673.4071 Alteration.—
(1) The term “alteration” means:
(a) An unauthorized change in an instrument which change purports to modify in any respect the obligation of a party; or
(b) An unauthorized addition of words or numbers or other change to an incomplete instrument which addition or change relates to the obligation of a party.
(2) Except as provided in subsection (3), an alteration fraudulently made discharges a party whose obligation is affected by the alteration unless that party assents or is precluded from asserting the alteration. No other alteration discharges a party, and the instrument may be enforced according to its original terms.
(3) A payor bank or drawee paying a fraudulently altered instrument or a person taking it for value, in good faith and without notice of the alteration, may enforce rights with respect to the instrument according to its original terms or, in the case of an incomplete instrument altered by unauthorized completion, according to its terms as completed.
History.—s. 2, ch. 92-82.
Section: Previous 673.4011 673.4021 673.4031 673.4041 673.4051 673.4061 673.4071 673.4081 673.4091 673.4101 673.4111 673.4121 673.4131 673.4141 673.4151 NextLast modified: September 23, 2016