§ 25‑3‑203. Transfer of instrument; rights acquired by transfer.
(a) An instrument istransferred when it is delivered by a person other than its issuer for thepurpose of giving to the person receiving delivery the right to enforce theinstrument.
(b) Transfer of aninstrument, whether or not the transfer is a negotiation, vests in thetransferee any right of the transferor to enforce the instrument, including anyright as a holder in due course, but the transferee cannot acquire rights of aholder in due course by a transfer, directly or indirectly, from a holder indue course if the transferee engaged in fraud or illegality affecting theinstrument.
(c) Unless otherwiseagreed, if an instrument is transferred for value and the transferee does notbecome a holder because of lack of indorsement by the transferor, thetransferee has a specifically enforceable right to the unqualified indorsementof the transferor, but negotiation of the instrument does not occur until theindorsement is made.
(d) If a transferorpurports to transfer less than the entire instrument, negotiation of theinstrument does not occur. The transferee obtains no rights under this Articleand has only the rights of a partial assignee. (1899, c. 733, ss. 27, 30‑32,49, 58; Rev., ss. 2175, 2178, 2179, 2181, 2198, 2207; C.S., ss. 3007, 3010,3011, 3013, 3030, 3039; 1965, c. 700, s. 1; 1995, c. 232, s. 1.)
§ 25‑3‑203. Transfer of instrument; rights acquired by transfer.
(a) An instrument istransferred when it is delivered by a person other than its issuer for thepurpose of giving to the person receiving delivery the right to enforce theinstrument.
(b) Transfer of aninstrument, whether or not the transfer is a negotiation, vests in thetransferee any right of the transferor to enforce the instrument, including anyright as a holder in due course, but the transferee cannot acquire rights of aholder in due course by a transfer, directly or indirectly, from a holder indue course if the transferee engaged in fraud or illegality affecting theinstrument.
(c) Unless otherwiseagreed, if an instrument is transferred for value and the transferee does notbecome a holder because of lack of indorsement by the transferor, thetransferee has a specifically enforceable right to the unqualified indorsementof the transferor, but negotiation of the instrument does not occur until theindorsement is made.
(d) If a transferorpurports to transfer less than the entire instrument, negotiation of theinstrument does not occur. The transferee obtains no rights under this Articleand has only the rights of a partial assignee. (1899, c. 733, ss. 27, 30‑32,49, 58; Rev., ss. 2175, 2178, 2179, 2181, 2198, 2207; C.S., ss. 3007, 3010,3011, 3013, 3030, 3039; 1965, c. 700, s. 1; 1995, c. 232, s. 1.)
§ 25‑3‑203. Transfer of instrument; rights acquired by transfer.
(a) An instrument istransferred when it is delivered by a person other than its issuer for thepurpose of giving to the person receiving delivery the right to enforce theinstrument.
(b) Transfer of aninstrument, whether or not the transfer is a negotiation, vests in thetransferee any right of the transferor to enforce the instrument, including anyright as a holder in due course, but the transferee cannot acquire rights of aholder in due course by a transfer, directly or indirectly, from a holder indue course if the transferee engaged in fraud or illegality affecting theinstrument.
(c) Unless otherwiseagreed, if an instrument is transferred for value and the transferee does notbecome a holder because of lack of indorsement by the transferor, thetransferee has a specifically enforceable right to the unqualified indorsementof the transferor, but negotiation of the instrument does not occur until theindorsement is made.
(d) If a transferorpurports to transfer less than the entire instrument, negotiation of theinstrument does not occur. The transferee obtains no rights under this Articleand has only the rights of a partial assignee. (1899, c. 733, ss. 27, 30‑32,49, 58; Rev., ss. 2175, 2178, 2179, 2181, 2198, 2207; C.S., ss. 3007, 3010,3011, 3013, 3030, 3039; 1965, c. 700, s. 1; 1995, c. 232, s. 1.)
