§ 34.1-3-203 — Transfer of instrument; rights acquired by transfer

Wyoming § 34.1-3-203

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 3: NEGOTIABLE INSTRUMENTS

Text

(a) An instrument is transferred when it is delivered by a
person other than its issuer for the purpose of giving to the
person receiving delivery the right to enforce the instrument.
(b) Transfer of an instrument, whether or not the transfer
is a negotiation, vests in the transferee any right of the
transferor to enforce the instrument, including any right as a
holder in due course, but the transferee cannot acquire rights
of a holder in due course by a transfer, directly or indirectly,
from a holder in due course if the transferee engaged in fraud
or illegality affecting the instrument.
(c) Unless otherwise agreed, if an instrument is
transferred for value and the transferee does not become a
holder because of lack of indorsement by the transferor, the
transferee has a specifically enforceable right to the
unqualified indorsement of the transferor, but negotiation of
the instrument does not occur until the indorsement is made.
(d) If a transferor purports to transfer less than the
entire instrument, negotiation of the instrument does not occur.
The transferee obtains no rights under this article and has only
the rights of a partial assignee.