(1) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment. An action for conversion of an instrument may not be brought by:
(a) The issuer or acceptor of the instrument; or
(b) A payee or indorsee who did not receive delivery of the instrument either directly or through delivery to an agent or a copayee.
(2) In an action under subsection (1), the measure of liability is presumed to be the amount payable on the instrument, but recovery may not exceed the amount of the plaintiff’s interest in the instrument.
(3) A representative, other than a depositary bank, who has in good faith dealt with an instrument or its proceeds on behalf of one who was not the person entitled to enforce the instrument is not liable in conversion to that person beyond the amount of any proceeds that it has not paid out.
History.—s. 2, ch. 92-82.
Structure Florida Statutes
Title XXXIX - Commercial Relations
Chapter 673 - Uniform Commercial Code: Negotiable Instruments
Part IV - Liability of Parties (Ss. 673.4011-673.4201)
673.4021 - Signature by representative.
673.4031 - Unauthorized signature.
673.4041 - Impostors; fictitious payees.
673.4051 - Employer’s responsibility for fraudulent indorsement by employee.
673.4061 - Negligence contributing to forged signature or alteration of instrument.
673.4081 - Drawee not liable on unaccepted draft.
673.4091 - Acceptance of draft; certified check.
673.4101 - Acceptance varying draft.
673.4111 - Refusal to pay cashier’s checks, teller’s checks, and certified checks.
673.4121 - Obligation of issuer of note or cashier’s check.
673.4131 - Obligation of acceptor.
673.4141 - Obligation of drawer.
673.4151 - Obligation of indorser.
673.4161 - Transfer warranties.
673.4171 - Presentment warranties.
673.4181 - Payment or acceptance by mistake.