Sec. 3207.
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 endorsements 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 endorser whose endorsement is canceled is discharged, and the discharge is effective against any subsequent holder.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1993, Act 130, Eff. Sept. 30, 1993
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 3 - Negotiable Instruments (440.3101...440.3805)
174-1962-3-2 - Part 2 Negotiation, Transfer, and Endorsement (440.3201...440.3208)
Section 440.3201 - Negotiation; Definition; Transfer of Possession.
Section 440.3202 - Negotiation; Effective Although Subject to Rescission or Other Remedies.
Section 440.3207 - Instrument; Reacquisition.
Section 440.3208 - Repealed. 1993, Act 130, Eff. Sept. 30, 1993.