3-305 - Rights of a Holder in Due Course. - New-york Statutes

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Statutes > New-york > Ucc > Article-3 > Part-3 > 3-305

Section 3--305. Rights of a Holder in Due Course.    To  the  extent  that  a holder is a holder in due course he takes the  instrument free from    (1) all claims to it on the part of any person; and    (2) all defenses of any party to the instrument with whom  the  holder  has not dealt except         (a) infancy,  to  the  extent  that  it  is a defense to a simple             contract; and         (b) such other  incapacity,  or  duress,  or  illegality  of  the             transaction,  as  renders  the  obligation  of  the  party  a             nullity; and         (c) such misrepresentation as has induced the party to  sign  the             instrument  with neither knowledge nor reasonable opportunity             to obtain knowledge of its character or its essential  terms;             and         (d) discharge in insolvency proceedings; and         (e) any  other  discharge  of which the holder has notice when he             takes the instrument.

State Codes and Statutes

Statutes > New-york > Ucc > Article-3 > Part-3 > 3-305

Section 3--305. Rights of a Holder in Due Course.    To  the  extent  that  a holder is a holder in due course he takes the  instrument free from    (1) all claims to it on the part of any person; and    (2) all defenses of any party to the instrument with whom  the  holder  has not dealt except         (a) infancy,  to  the  extent  that  it  is a defense to a simple             contract; and         (b) such other  incapacity,  or  duress,  or  illegality  of  the             transaction,  as  renders  the  obligation  of  the  party  a             nullity; and         (c) such misrepresentation as has induced the party to  sign  the             instrument  with neither knowledge nor reasonable opportunity             to obtain knowledge of its character or its essential  terms;             and         (d) discharge in insolvency proceedings; and         (e) any  other  discharge  of which the holder has notice when he             takes the instrument.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-york > Ucc > Article-3 > Part-3 > 3-305

Section 3--305. Rights of a Holder in Due Course.    To  the  extent  that  a holder is a holder in due course he takes the  instrument free from    (1) all claims to it on the part of any person; and    (2) all defenses of any party to the instrument with whom  the  holder  has not dealt except         (a) infancy,  to  the  extent  that  it  is a defense to a simple             contract; and         (b) such other  incapacity,  or  duress,  or  illegality  of  the             transaction,  as  renders  the  obligation  of  the  party  a             nullity; and         (c) such misrepresentation as has induced the party to  sign  the             instrument  with neither knowledge nor reasonable opportunity             to obtain knowledge of its character or its essential  terms;             and         (d) discharge in insolvency proceedings; and         (e) any  other  discharge  of which the holder has notice when he             takes the instrument.