Home Table of Contents

§ 3202. Negotiation subject to rescission

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 3. Negotiable Instruments (Refs & Annos)
Chapter 32. Negotiation, Transfer and Indorsement
13 Pa.C.S.A. § 3202
§ 3202. Negotiation subject to rescission
Currentness
(a) General rule.--Negotiation is effective even if obtained:
(1) from an infant, a corporation exceeding its powers or a person without capacity;
(2) by fraud, duress or mistake; or
(3) in breach of duty or as part of an illegal transaction.
(b) Rescission or other remedies.--To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good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.

Credits

1992, July 9, P.L. 507, No. 97, § 5, effective in one year.
13 Pa.C.S.A. § 3202, PA ST 13 Pa.C.S.A. § 3202
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document