North Dakota § 41-03-26 (3-207) Reacquisition

North Dakota Statutes

§ 41-03-26 — (3-207) Reacquisition

North Dakota § 41-03-26

Title 41Uniform Commercial Code

Ch. 41-03Negotiable Instruments

This text of North Dakota § 41-03-26 ((3-207) Reacquisition) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-03-26 (2026).

Text

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 endorsements 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 endorser whose endorsement is canceled is discharged, and the discharge is
effective against any later holder.

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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 endorsements 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 endorser whose endorsement is canceled is discharged, and the discharge is
effective against any later holder.