There is a newer version
of
the New York Laws
2020 New York Laws
UCC - Uniform Commercial Code
Article 3 - Commercial Paper
Part 2 - Transfer and Negotiation
3-207 - Negotiation Effective Although It May Be Rescinded.
Universal Citation: NY UCC § 3-207 (2020)
Section 3--207. Negotiation Effective Although It May Be Rescinded.(1) Negotiation is effective to transfer the instrument although the negotiation is
(a) made by an infant, a corporation exceeding its powers, or any other person without capacity; or
(b) obtained by fraud, duress or mistake of any kind; or
(c) part of an illegal transaction; or
(d) made in breach of duty.
(2) Except as against a subsequent holder in due course such negotiation is in an appropriate case subject to rescission, the declaration of a constructive trust or any other remedy permitted by law.
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