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2011 Vermont Code
Title 09A Uniform Commercial Code
Article 3 Commercial Paper
§ 117 Other agreements affecting instrument
Universal Citation:
9A VT Stats § 3-117. (2011 through Adj Sess)
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§ 3-117. Other agreements affecting instrument
Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullified by an agreement under this section, the agreement is a defense to the obligation. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)
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