Section 7-3-201 Negotiation. - Alabama Statutes

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Section 7-3-201

Negotiation.

(a) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.

(b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.

(Acts 1995, No. 95-668, p. 1381, §1.)

State Codes and Statutes

Statutes > Alabama > Title7 > Article3 > 7-3-201

Section 7-3-201

Negotiation.

(a) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.

(b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.

(Acts 1995, No. 95-668, p. 1381, §1.)

State Codes and Statutes

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State Codes and Statutes

Statutes > Alabama > Title7 > Article3 > 7-3-201

Section 7-3-201

Negotiation.

(a) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.

(b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.

(Acts 1995, No. 95-668, p. 1381, §1.)