South Carolina Statutes
§ 36-3-207 — Reacquisition.
Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who 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 subsequent holder.
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South Carolina § 36-3-207 (Reacquisition.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 10.3-207; 1966 (54) 2716; 2008 Act No. 204, SECTION 2, eff July 1, 2008.
Nearby Sections
15
§ 36-3-101
Short title.§ 36-3-102
Subject matter.§ 36-3-103
Definitions.§ 36-3-104
Negotiable instrument.§ 36-3-105
Issue of instrument.§ 36-3-106
Unconditional promise or order.§ 36-3-107
Instrument payable in foreign money.§ 36-3-108
Payable on demand or at definite time.§ 36-3-109
Payable to bearer or order.§ 36-3-111
Place of payment.§ 36-3-112
Interest.§ 36-3-113
Date of instrument.§ 36-3-114
Contradictory terms of instrument.§ 36-3-115
Incomplete instrument.