2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 32 - Negotiation, Transfer and Indorsement
Section 3203 - Transfer of instrument; rights acquired by transfer

     § 3203.  Transfer of instrument; rights acquired by transfer.
        (a)  When transfer effected.--An instrument is transferred
     when it is delivered by a person other than its issuer for the
     purpose of giving to the person receiving delivery the right to
     enforce the instrument.
        (b)  Rights obtained upon transfer of instrument.--Transfer
     of an instrument, whether or not the transfer is a negotiation,
     vests in the transferee any right of the transferor to enforce
     the instrument, including any right as a holder in due course,
     but the transferee cannot acquire rights of a holder in due
     course by a transfer, directly or indirectly, from a holder in
     due course if the transferee engaged in fraud or illegality
     affecting the instrument.
        (c)  Right of transferee to demand indorsement.--Unless
     otherwise agreed, if an instrument is transferred for value and
     the transferee does not become a holder because of lack of
     indorsement by the transferor, the transferee has a specifically
     enforceable right to the unqualified indorsement of the
     transferor, but negotiation of the instrument does not occur
     until the indorsement is made.
        (d)  Effect of transfer of less than entire instrument.--If a
     transferor purports to transfer less than the entire instrument,
     negotiation of the instrument does not occur. The transferee
     obtains no rights under this division and has only the rights of
     a partial assignee.

        Cross References.  Section 3203 is referred to in section
     3103 of this title.