28-3-207. 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 canceled is discharged, and the discharge is effective against any subsequent holder.
History:
[28-3-207, added 1993, ch. 288, sec. 2, p. 1032.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 3 - UNIFORM COMMERCIAL CODE — NEGOTIABLE INSTRUMENTS
Part 2 - NEGOTIATION, TRANSFER, AND INDORSEMENT
Section 28-3-201 - NEGOTIATION.
Section 28-3-202 - NEGOTIATION SUBJECT TO RESCISSION.
Section 28-3-203 - TRANSFER OF INSTRUMENT — RIGHTS ACQUIRED BY TRANSFER.
Section 28-3-204 - INDORSEMENT.
Section 28-3-205 - SPECIAL INDORSEMENT — BLANK INDORSEMENT — ANOMALOUS INDORSEMENT.