§ 3207. 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.
Cross References. Section 3207 is referred to in section 3103 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 32 - Negotiation, Transfer and Indorsement
Section 3202 - Negotiation subject to rescission
Section 3203 - Transfer of instrument; rights acquired by transfer
Section 3205 - Special indorsement; blank endorsement; anomalous endorsement