N.Y. UCC Law § 3-207
This is the official text of N.Y. UCC Law § 3-207, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Negotiation Effective Although It May Be Rescinded
Official statutory text
Section 3--207. Negotiation Effective Although It May Be Rescinded.\n (1) Negotiation is effective to transfer the instrument although the\nnegotiation is\n (a) made by an infant, a corporation exceeding its powers, or any\n other person without capacity; or\n (b) obtained by fraud, duress or mistake of any kind; or\n (c) part of an illegal transaction; or\n (d) made in breach of duty.\n (2) Except as against a subsequent holder in due course such\nnegotiation is in an appropriate case subject to rescission, the\ndeclaration of a constructive trust or any other remedy permitted by\nlaw.\n
Status: in_force · Read it on the official government site
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