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Article 1. Short Title, Form, and Interpretation.
Sec. 45.03.101. Short title. - This chapter may be cited as the Uniform Commercial Code...
Sec. 45.03.102. Subject matter. - (a) This chapter applies to negotiable instruments. It does not...
Sec. 45.03.103. Definitions. - (a) In this chapter, (1) “acceptor” means a drawee who...
Sec. 45.03.104. Negotiable instrument. - (a) Except as provided in (c) - (d) of this...
Sec. 45.03.105. Issue of instrument. - (a) “Issue” means the first delivery of an instrument by...
Sec. 45.03.106. Unconditional promise or order. - (a) Except as provided in this section, for the purposes...
Sec. 45.03.107. Instrument payable in foreign money. - Unless the instrument otherwise provides, an instrument that states the...
Sec. 45.03.108. Payable on demand or at definite time. - (a) A promise or order is payable on demand if...
Sec. 45.03.109. Payable to bearer or to order. - (a) A promise or order is payable to bearer if...
Sec. 45.03.110. Identification of person to whom instrument is payable. - (a) The person to whom an instrument is initially payable...
Sec. 45.03.111. Place of payment. - Except as otherwise provided for items in AS 45.04, an...
Sec. 45.03.112. Interest. - (a) Unless otherwise provided in the instrument, an instrument is...
Sec. 45.03.113. Date of instrument. - (a) An instrument may be antedated or postdated. The date...
Sec. 45.03.114. Contradictory terms of instrument. - If an instrument contains contradictory terms, typewritten terms prevail over...
Sec. 45.03.115. Incomplete instrument. - (a) “Incomplete instrument” means a signed writing, whether or not...
Sec. 45.03.116. Joint and several liability; contribution. - (a) Except as otherwise provided in the instrument, two or...
Sec. 45.03.117. Other agreements affecting instrument. - Subject to applicable law regarding exclusion of proof of contemporaneous...
Sec. 45.03.118. Statute of limitations. - (a) Except as provided in (e) of this section, an...
Sec. 45.03.119. Notice of right to defend action. - In an action for breach of an obligation for which...
Article 2. Transfer and Negotiation.
Sec. 45.03.201. Negotiation. - (a) “Negotiation” means a transfer of possession, whether voluntary or...
Sec. 45.03.202. Negotiation subject to rescission. - (a) Negotiation is effective even if obtained (1) from an...
Sec. 45.03.203. Transfer of instrument; rights acquired by transfer. - (a) An instrument is transferred when the instrument is delivered...
Sec. 45.03.204. Endorsement. - (a) “Endorsement” means a signature, other than that of a...
Sec. 45.03.205. Special endorsement; blank endorsement; anomalous endorsement. - (a) If an endorsement is made by the holder of...
Sec. 45.03.206. Restrictive endorsement. - (a) An endorsement limiting payment to a particular person or...
Sec. 45.03.207. Reacquisition. - Reacquisition of an instrument occurs if it is transferred to...
Article 3. Rights of a Holder.
Sec. 45.03.301. Person entitled to enforce instrument. - A person entitled to enforce an instrument is the holder...
Sec. 45.03.302. Holder in due course. - (a) Subject to (c) of this section and AS 45.03.106(d),...
Sec. 45.03.303. Value and consideration. - (a) An instrument is issued or transferred for value if...
Sec. 45.03.304. Overdue instrument. - (a) An instrument payable on demand becomes overdue at the...
Sec. 45.03.305. Defenses and claims in recoupment. - (a) Except as stated in (b) of this section, the...
Sec. 45.03.306. Claims to an instrument. - A person taking an instrument, other than a person having...
Sec. 45.03.307. Notice of breach of fiduciary duty. - (a) If an instrument is taken from a fiduciary for...
Sec. 45.03.308. Proof of signatures and status as holder in due course. - (a) In an action with respect to an instrument, the...
Sec. 45.03.309. Enforcement of lost, destroyed, or stolen instrument. - (a) A person not in possession of an instrument is...
Sec. 45.03.310. Effect of instrument on obligation for which taken. - (a) Unless otherwise agreed, if a certified check, cashier's check,...
Sec. 45.03.311. Accord and satisfaction by use of instrument. - (a) The provisions of this section apply if a person...
Sec. 45.03.312. Lost, destroyed, or stolen cashier's check, teller's check, or certified check. - (a) A claimant may assert a claim to the amount...
Article 4. Liability of Parties.
Sec. 45.03.401. Signature. - (a) A person is not liable on an instrument unless...
Sec. 45.03.402. Signature by representative. - (a) If a person acting, or purporting to act, as...
Sec. 45.03.403. Unauthorized signature. - (a) Unless otherwise provided in this chapter or AS 45.04,...
Sec. 45.03.404. Impostors; fictitious payees. - (a) If an impostor, by use of the mails or...
Sec. 45.03.405. Employer's responsibility for fraudulent endorsement by employee. - (a) For the purpose of determining the rights and liabilities...
Sec. 45.03.406. Negligence contributing to forged signature or alteration of instrument. - (a) A person whose failure to exercise ordinary care substantially...
Sec. 45.03.407. Alteration. - (a) Except as provided in (b) of this section, an...
Sec. 45.03.408. Drawee not liable on unaccepted draft. - A check or other draft does not of itself operate...
Sec. 45.03.409. Acceptance of draft; certified check. - (a) “Acceptance” means the drawee's signed agreement to pay a...
Sec. 45.03.410. Acceptance varying draft. - (a) If the terms of a drawee's acceptance vary from...
Sec. 45.03.411. Refusal to pay cashier's checks, teller's checks, and certified checks. - (a) If the obligated bank wrongfully refuses to pay a...
Sec. 45.03.412. Obligation of issuer of note or cashier's check. - The issuer of a note, cashier's check, or other draft...
Sec. 45.03.413. Obligation of acceptor. - (a) The acceptor of a draft is obliged to pay...
Sec. 45.03.414. Obligation of drawer. - (a) This section does not apply to cashier's checks or...
Sec. 45.03.415. Obligation of endorser. - (a) Subject to (b) - (e) of this section and...
Sec. 45.03.416. Transfer warranties. - (a) A person who transfers an instrument for consideration warrants...
Sec. 45.03.417. Presentment warranties. - (a) If an unaccepted draft is presented to the drawee...
Sec. 45.03.418. Payment or acceptance by mistake. - (a) Except as provided in (c) of this section, if...
Sec. 45.03.419. Instruments signed for accommodation. - (a) If an instrument is issued for value given for...
Sec. 45.03.420. Conversion of instrument. - (a) The law applicable to conversion of personal property applies...
Article 5. Presentment, Notice of Dishonor, and Protest.
Sec. 45.03.501. Presentment. - (a) “Presentment” means a demand made by or on behalf...
Sec. 45.03.502. Dishonor. - (a) Dishonor of a note is governed by the following...
Sec. 45.03.503. Notice of dishonor. - (a) The obligation of an endorser stated in AS 45.03.415(a)...
Sec. 45.03.504. Excused presentment and notice of dishonor. - (a) Presentment for payment or acceptance of an instrument is...
Sec. 45.03.505. Evidence of dishonor. - (a) The following are admissible as evidence and create a...
Article 6. Discharge.
Sec. 45.03.601. Discharge and effect of discharge. - (a) The obligation of a party to pay the instrument...
Sec. 45.03.602. Payment. - (a) Subject to (b) of this section, an instrument is...
Sec. 45.03.603. Tender of payment. - (a) If tender of payment of an obligation to pay...
Sec. 45.03.604. Discharge by cancellation or renunciation. - (a) A person entitled to enforce an instrument, with or...
Sec. 45.03.605. Discharge of endorsers and accommodation parties. - (a) Discharge, under AS 45.03.604, of the obligation of a...