United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:3-105

This section defines when an instrument is “issued” and who counts as an “issuer,” and says certain issuance failures can be used as defenses.

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“This section defines when an instrument is “issued” and who counts as an “issuer,” and says certain issuance failures can be used as defenses.”

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RS 10:3-105

This section defines when an instrument is “issued” and who counts as an “issuer,” and says certain issuance failures can be used as defenses.

Section 10:3-105

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§ 10:3-105RS 10:3-105Provision

This section defines when an instrument is “issued” and who counts as an “issuer,” and says certain issuance failures can be used as defenses.

§3-105. Issue of instrument (a) "Issue" means: (1) the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person; or (2) if agreed by the payee, the first transmission by the drawer to the payee of an image of an item and information derived from the item that enables the depositary bank to collect the item by transferring or presenting under federal law an electronic check. (b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense. (c) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument. Acts 1992, No. 1133, §3, eff. July 1, 1993; Acts 1993, No. 948, §10, eff. Jan. 1, 1994; Acts 2024, No. 773, §1.
Section 10:3-105Verify source

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