Illinois § 3-207 Reacquisition

Illinois Statutes

§ 3-207 — Reacquisition

Illinois § 3-207

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 810COMMERCIAL CODE

Act 810 ILCS 5/Uniform Commercial Code.

Art.Part 2 - Negotiation, Transfer And Indorsement

This text of Illinois § 3-207 (Reacquisition) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

810 Ill. Comp. Stat. 3-207 (2026).

Text

Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder.

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Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder.