U.C.C. § 3-309 — Enforcement of Lost, Destroyed, or Stolen Instrument

Editorial note. Section 3-309(a) sets three conditions: (1) prior entitlement to enforce; (2) loss not resulting from voluntary transfer or lawful seizure; (3) inability to obtain possession by reasonable means. Section 3-309(b) requires proof of the terms of the instrument and adequate protection to the obligor against any future claim.

Editorial note. The 2002 Amendment eliminated the requirement that the plaintiff have been in possession at the time of loss, allowing enforcement by a transferee of a lost instrument to whom possession was never delivered.

Editorial note. Frequently invoked in mortgage-note foreclosure where the original note cannot be located. Courts require proof of the note's terms and adequate protection under § 3-309(b), commonly by indemnification bond.

Editorial note. See U.C.C. §§ 3-301; 3-418(d).