United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:3-407

This section defines “alteration” and says a fraudulently made alteration can discharge the affected party unless they assent or are precluded from objecting.

alterationinstrumentsobligation discharge

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“This section defines “alteration” and says a fraudulently made alteration can discharge the affected party unless they assent or are precluded from objecting.”

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RS 10:3-407

This section defines “alteration” and says a fraudulently made alteration can discharge the affected party unless they assent or are precluded from objecting.

Section 10:3-407

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§ 10:3-407RS 10:3-407Provision

This section defines “alteration” and says a fraudulently made alteration can discharge the affected party unless they assent or are precluded from objecting.

§3-407. Alteration (a) "Alteration" means (i) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party, or (ii) an unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party. (b) Except as provided in Subsection (c), an alteration fraudulently made discharges a party whose obligation is affected by the alteration unless that party assents or is precluded from asserting the alteration. No other alteration discharges a party, and the instrument may be enforced according to its original terms. (c) A payor bank or drawee paying a fraudulently altered instrument or a person taking it for value, in good faith and without notice of the alteration, may enforce rights with respect to the instrument (i) according to its original terms, or (ii) in the case of an incomplete instrument altered by unauthorized completion, according to its terms as completed. Acts 1992, No. 1133, §3, eff. July 1, 1993; Acts 1993, No. 948, §10, eff. Jan. 1, 1994.
Section 10:3-407Verify source

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