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2018 South Carolina Code of Laws
Title 36 - Commercial Code
CHAPTER 3 - COMMERCIAL CODE - NEGOTIABLE INSTRUMENTS
Section 36-3-207. Reacquisition.
Universal Citation: SC Code § 36-3-207 (2018)
Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder.
HISTORY: 1962 Code Section 10.3-207; 1966 (54) 2716; 2008 Act No. 204, Section 2, eff July 1, 2008.
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