2013 Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 3-A: NEGOTIABLE INSTRUMENTS
11 §3-1202. Negotiation subject to rescission
Part 2: NEGOTIATION, TRANSFER AND INDORSEMENT
3-1202. Negotiation subject to rescission
(1). Negotiation is effective even if obtained:
(a). From an infant, a corporation exceeding its powers or a person without capacity; [1993, c. 293, Pt. A, 2 (NEW).]
(b). By fraud, duress or mistake; or [1993, c. 293, Pt. A, 2 (NEW).]
(c). In breach of duty or as part of an illegal transaction. [1993, c. 293, Pt. A, 2 (NEW).]
[ 1993, c. 293, Pt. A, 2 (NEW) .]
(2). To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy.
[ 1993, c. 293, Pt. A, 2 (NEW) .]
SECTION HISTORY
1993, c. 293, A2 (NEW).
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