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the Vermont Statutes
2011 Vermont Code
Title 09A Uniform Commercial Code
Article 3 Commercial Paper
§ 207 Reacquisition
Universal Citation:
9A VT Stats § 3-207. (2011 through Adj Sess)
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§ 3-207. Reacquisition
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 cancelled is discharged, and the discharge is effective against any subsequent holder. (Added 1993, No. 158 (Adj. Sess.), § 12, eff. Jan. 1, 1995.)
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