™Your Policy Risk Impact Agent
40 chapters · 412 sections in this title.
5 CMC § 3801 Drafts in a Set
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Drafts in a Set. (1) Where a draft is drawn in a set of parts, each of which is numbered and expressed to be an order only if no other part has been honored, the whole of the parts constitutes one draft but a taker of any part may become a holder in due course of the draft. (2) A…
5 CMC § 3802 Effect of Instrument on Obligation for Which It Is Given
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Effect of Instrument on Obligation for Which It Is Given. (1) Unless otherwise agreed where an instrument is taken for an underlying obligation: (a) The obligation is pro tanto discharged if a bank is drawer, maker or acceptor of the instrument and there is no recourse on the ins…
5 CMC § 3803 Notice to Third Party
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Notice to Third Party. Where a defendant is sued for breach of an obligation for which a third person is answerable over under this division he may give the third person written notice of the litigation, and the person notified may then give similar notice to any other person who…
5 CMC § 3804 Lost, Destroyed or Stolen Instruments
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Lost, Destroyed or Stolen Instruments. The owner of an instrument which is lost, whether by destruction, theft or otherwise, may maintain an action in his own name and recover from any party liable thereon upon due proof of his ownership, the facts which prevent his production of…
