Montana Statutes
§ 30-3-208 — Reacquisition
Montana·Title 30 TRADE AND COMMERCE·Ch. 3 UNIFORM COMMERCIAL CODE NEGOTIABLE INSTRUMENTS·Part 2 Transfer and Negotiation
30-3-208 . Reacquisition. Reacquisition of an instrument occurs if it is transferred, by negotiation or otherwise, to a former holder. A former holder that 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 late holder.
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Legislative History
En. Sec. 3-208, Ch. 264, L. 1963; R.C.M. 1947, 87A-3-208; amd. Sec. 113, Ch. 410, L. 1991.
Nearby Sections
15
§ 30-3-101
Short Title§ 30-3-102
Definitions§ 30-3-103
Repealed§ 30-3-104
Negotiable Instrument§ 30-3-105
Unconditional Promise Or Order§ 30-3-106
Repealed§ 30-3-107
Instrument Payable In Foreign Money§ 30-3-108
Payable On Demand§ 30-3-109
Definite Time§ 30-3-110
Repealed§ 30-3-111
Payable To Bearer Or To Order§ 30-3-112
Repealed§ 30-3-113
Repealed§ 30-3-114
Date Of Instrument§ 30-3-115
Incomplete Instrument