There is a newer version
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the New York Laws
2020 New York Laws
UCC - Uniform Commercial Code
Article 3 - Commercial Paper
Part 2 - Transfer and Negotiation
3-208 - Reacquisition.
Universal Citation: NY UCC § 3-208 (2020)
Section 3--208. Reacquisition.Where an instrument is returned to or reacquired by a prior party he may cancel any indorsement which is not necessary to his title and reissue or further negotiate the instrument, but any intervening party is discharged as against the reacquiring party and subsequent holders not in due course and if his indorsement has been cancelled is discharged as against subsequent holders in due course as well.
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