Codified text.
Editorial note. Reacquisition of an instrument by a former holder authorizes the cancellation of intervening indorsements. Those intervening indorsers are discharged, and the reacquiring holder may further negotiate the instrument as if the cancelled indorsements had never been made.
Codified text.
Editorial note. The reacquisition doctrine most often arises when an instrument is returned to the maker or an earlier indorser and then re-negotiated.
Codified text.
Editorial note. See U.C.C. §§ 3-204; 3-604 (discharge by cancellation or renunciation).
Revision history
- 1990-08-01 — Promulgated with Revised Article 3.