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2018 Code of Alabama
Title 7 - COMMERCIAL CODE.
Article 3 - NEGOTIABLE INSTRUMENTS.
Part 3 - Enforcement of Instruments.
Section 7-3-306 - Claims to an instrument.
Universal Citation: AL Code § 7-3-306 (2018)
Section 7-3-306Claims to an instrument.
A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.
(Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, §1; added by Acts 1995, No. 95-668, p. 1381, §1.)
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