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Indiana Code Title 26. Commercial Law § 26-1-3.1-407

Current as of June 08, 2021 | Updated by FindLaw Staff

Sec. 407. (a) “Alteration” means:

(1) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party;  or

(2) 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:

(1) according to its original terms;  or

(2) in the case of an incomplete instrument altered by unauthorized completion, according to its terms as completed.

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Cite this article: FindLaw.com - Indiana Code Title 26. Commercial Law § 26-1-3.1-407 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-26-commercial-law/in-code-sect-26-1-3-1-407.html

Read this complete Indiana Code Title 26. Commercial Law § 26-1-3.1-407 on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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