Montana § 30-3-125 Issue Of Instrument

Montana Statutes

§ 30-3-125 — Issue Of Instrument

Montana·Title 30 TRADE AND COMMERCE·Ch. 3 UNIFORM COMMERCIAL CODE NEGOTIABLE INSTRUMENTS·Part 1 Short Title, Form, and Interpretation

30-3-125 . Issue of instrument.

(1)"Issue" means:

(a)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

(b)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 depositary bank to collect the item by transferring or presenting under federal law an electronic check.

(2)An unissued instrument or an unissued incomplete instrument ( 30-3-115 ) 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

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30-3-125 . Issue of instrument. (1) "Issue" means:
(a) 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
(b) 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 depositary bank to collect the item by transferring or presenting under federal law an electronic check.
(2) An unissued instrument or an unissued incomplete instrument ( 30-3-115 ) 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.
(3) "Issuer" applies to issued and unissued instruments and means any person that signs an instrument as maker or drawer.

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