United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:3-202

Negotiation remains effective even if obtained through certain defects or wrongdoing, but rescission or other remedies are limited against later protected parties.

negotiationremediesrescission

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“Negotiation remains effective even if obtained through certain defects or wrongdoing, but rescission or other remedies are limited against later protected parties.”

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RS 10:3-202

Negotiation remains effective even if obtained through certain defects or wrongdoing, but rescission or other remedies are limited against later protected parties.

Section 10:3-202

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Source record from legis.la.gov · Undated source snapshot

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§ 10:3-202RS 10:3-202Provision

Negotiation remains effective even if obtained through certain defects or wrongdoing, but rescission or other remedies are limited against later protected parties.

§3-202. Negotiation subject to rescission (a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty or as part of an illegal transaction. (b) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy. Acts 1992, No. 1133, §3, eff. July 1, 1993; Acts 1993, No. 948, §10, eff. Jan. 1, 1994.
Section 10:3-202Verify source

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