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North Dakota Century Code Title 41. Uniform Commercial Code § 41-03-05. (3-105) Issue of instrument

Current as of January 01, 2024 | Updated by FindLaw Staff

1. “Issue” means:

a. 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

b. 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 which enables the depositary bank to collect the item by transferring or presenting under federal law an electronic check.

2. An unissued instrument or an unissued incomplete instrument (section 41-03-15) 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.

3. “Issuer” applies to issued and unissued instruments and means any person that signs an instrument as maker or drawer.

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Cite this article: FindLaw.com - North Dakota Century Code Title 41. Uniform Commercial Code § 41-03-05. (3-105) Issue of instrument - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-41-uniform-commercial-code/nd-cent-code-sect-41-03-05/

Read this complete North Dakota Century Code Title 41. Uniform Commercial Code § 41-03-05. (3-105) Issue of instrument 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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