3-407 - Alteration. - New-york Statutes

State Codes and Statutes

Statutes > New-york > Ucc > Article-3 > Part-4 > 3-407

Section 3--407. Alteration.    (1)  Any  alteration  of  an  instrument is material which changes the  contract of any party thereto in any respect, including any such  change  in         (a) the number or relations of the parties; or         (b) an  incomplete instrument, by completing it otherwise than as             authorized; or         (c) the writing as signed, by adding to it  or  by  removing  any             part of it.    (2) As against any person other than a subsequent holder in due course         (a) alteration  by  the  holder  which  is  both  fraudulent  and             material discharges  any  party  whose  contract  is  thereby             changed  unless  that  party  assents  or  is  precluded from             asserting the defense;         (b) no other alteration discharges any party and  the  instrument             may  be  enforced  according  to its original tenor, or as to             incomplete instruments according to the authority given.    (3) A subsequent holder in due course may in  all  cases  enforce  the  instrument  according  to  its  original  tenor,  and when an incomplete  instrument has been completed, he may enforce it as completed.

State Codes and Statutes

Statutes > New-york > Ucc > Article-3 > Part-4 > 3-407

Section 3--407. Alteration.    (1)  Any  alteration  of  an  instrument is material which changes the  contract of any party thereto in any respect, including any such  change  in         (a) the number or relations of the parties; or         (b) an  incomplete instrument, by completing it otherwise than as             authorized; or         (c) the writing as signed, by adding to it  or  by  removing  any             part of it.    (2) As against any person other than a subsequent holder in due course         (a) alteration  by  the  holder  which  is  both  fraudulent  and             material discharges  any  party  whose  contract  is  thereby             changed  unless  that  party  assents  or  is  precluded from             asserting the defense;         (b) no other alteration discharges any party and  the  instrument             may  be  enforced  according  to its original tenor, or as to             incomplete instruments according to the authority given.    (3) A subsequent holder in due course may in  all  cases  enforce  the  instrument  according  to  its  original  tenor,  and when an incomplete  instrument has been completed, he may enforce it as completed.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-york > Ucc > Article-3 > Part-4 > 3-407

Section 3--407. Alteration.    (1)  Any  alteration  of  an  instrument is material which changes the  contract of any party thereto in any respect, including any such  change  in         (a) the number or relations of the parties; or         (b) an  incomplete instrument, by completing it otherwise than as             authorized; or         (c) the writing as signed, by adding to it  or  by  removing  any             part of it.    (2) As against any person other than a subsequent holder in due course         (a) alteration  by  the  holder  which  is  both  fraudulent  and             material discharges  any  party  whose  contract  is  thereby             changed  unless  that  party  assents  or  is  precluded from             asserting the defense;         (b) no other alteration discharges any party and  the  instrument             may  be  enforced  according  to its original tenor, or as to             incomplete instruments according to the authority given.    (3) A subsequent holder in due course may in  all  cases  enforce  the  instrument  according  to  its  original  tenor,  and when an incomplete  instrument has been completed, he may enforce it as completed.