Colorado Code
Part 4 - Liability of Parties
§ 4-3-407. Alteration

Source: L. 94: Entire article R&RE, p. 865, § 1, effective January 1, 1995.
Editor's note: This section is similar to former § 4-3-407 as it existed prior to 1994.

Discharge is a personal defense of the party whose obligation is modified and anyone whose obligation is not affected is not discharged. But if an alteration discharges a party there is also discharge of any party having a right of recourse against the discharged party because the obligation of the party with the right of recourse is affected by the alteration. Assent to the alteration given before or after it is made will prevent the party from asserting the discharge. The phrase "or is precluded from asserting the alteration" in subsection (b) recognizes the possibility of an estoppel or other ground barring the defense which does not rest on assent.

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Structure Colorado Code

Colorado Code

Title 4 - Uniform Commercial Code

Article 3 - Negotiable Instruments

Part 4 - Liability of Parties

§ 4-3-401. Signature

§ 4-3-402. Signature by Representative

§ 4-3-403. Unauthorized Signature

§ 4-3-404. Impostors; Fictitious Payees

§ 4-3-405. Employer's Responsibility for Fraudulent Indorsement by Employee