§ 26-1-3.1-105 — Issue of instrument

Indiana § 26-1-3.1-105

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 3.1: Negotiable Instruments

Text

(a) "Issue" means:
(1) 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; or
(2) if agreed by the payee, the first transmission by the drawer to
the payee of an image of an item and information derived from
the item that enables the depository bank to collect the item by
transferring or presenting under federal law an electronic check.
(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.

Legislative History

As added by P.L.222-1993, SEC.5. Amended by P.L.199-2023, SEC.19.