(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 11-3-101 11-3-102 11-3-103 11-3-104 11-3-105 11-3-106 11-3-107 11-3-108 11-3-109 11-3-110 11-3-111 11-3-112 11-3-113 11-3-114 11-3-115 NextLast modified: October 14, 2016