South Dakota Statutes
§ 57A-3-407 — Alteration.
(a)"Alteration" means (i) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party, or (ii) an unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party.
(b)Except as provided in subsection (c), an alteration fraudulently made discharges a party whose obligation is affected by the alteration unless that party assents or is precluded from asserting the alteration. No other alteration discharges a party, and the instrument may be enforced according to its original terms.
(c)A payor bank or drawee paying a fraudulently altered instrument or a person taking it for value, in good faith and without notice of the alteration, may enforce rights with respect to the instrument (i) acc
Free access — add to your briefcase to read the full text and ask questions with AI
South Dakota § 57A-3-407 (Alteration.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Massey Ferguson Credit Corp. v. Bice
450 N.W.2d 435 (South Dakota Supreme Court, 1990)
Brown County Cooperative Ass'n v. Rasmussen-King Cattle Co.
300 N.W.2d 265 (South Dakota Supreme Court, 1980)
Legislative History
SL 1994, ch 367, § 3-407.
Nearby Sections
15
§ 57A-1-101
Short title.§ 57A-1-102
Scope of chapter.§ 57A-1-104
Construction against implied repeal.§ 57A-1-105
Severability.§ 57A-1-106
Use of singular and plural--Gender.§ 57A-1-107
Section captions.§ 57A-1-201
General definitions.§ 57A-1-202
Notice--Knowledge.§ 57A-1-203
Lease distinguished from security interest.§ 57A-1-204
Value.§ 57A-1-205
Reasonable time--Seasonableness.§ 57A-1-206
Presumptions.§ 57A-1-207
Central bank digital currency.