North Dakota § 41-03-21 (3-202) Negotiation subject to rescission

North Dakota Statutes

§ 41-03-21 — (3-202) Negotiation subject to rescission

North Dakota·Title 41 Uniform Commercial Code·Ch. 41-03 Negotiable Instruments

1.Negotiation is effective even if obtained from an infant, a corporation exceeding its powers, or a person without capacity, by fraud, duress, or mistake, or in breach of duty or as part of an illegal transaction.

2.To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy.

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1. Negotiation is effective even if obtained from an infant, a corporation exceeding its
powers, or a person without capacity, by fraud, duress, or mistake, or in breach of duty
or as part of an illegal transaction.
2. To the extent permitted by other law, negotiation may be rescinded or may be subject
to other remedies, but those remedies may not be asserted against a subsequent
holder in due course or a person paying the instrument in good faith and without
knowledge of facts that are a basis for rescission or other remedy.

North Dakota § 41-03-21 ((3-202) Negotiation subject to rescission) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.