Title 70A, Title 70A: Uniform Commercial Code

70A-3-416. Transfer warranties. (1) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by indorsement, to any subsequent transferee that: the warrantor is a person entitled to enforce the instrument; all signatures on the ins…

70A-3-417. Presentment warranties. (1) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time…

70A-3-418. Payment or acceptance by mistake. (1) Except as provided in Subsection, if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that payment of the draft had not been stopped pursuant to Section, or the signature of the drawer of …

70A-3-419. Instruments signed for accommodation. (1) If an instrument is issued for value given for the benefit of a party to the instrument, the "accommodated party," and another party to the instrument, the "accommodation party," signs the instrument for the purpose of incurrin…

70A-3-420. Conversion of instrument. (1) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obt…

70A-3-501. Presentment. (1) "Presentment" means a demand made by or on behalf of a person entitled to enforce an instrument to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank…

70A-3-502. Dishonor. (1) Dishonor of a note is governed by the following rules: If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment. If the note is not payable on demand and is payabl…

70A-3-503. Notice of dishonor. (1) The obligation of an indorser stated in Subsectionand the obligation of a drawer stated in Subsectionmay not be enforced unless the indorser or drawer is given notice of dishonor of the instrument complying with this section or notice of dishono…

70A-3-504. Excused presentment and notice of dishonor. (1) Presentment for payment or acceptance of an instrument is excused if: the person entitled to present the instrument cannot with reasonable diligence make presentment; the maker or acceptor has repudiated an obligation to …

70A-3-505. Evidence of dishonor. (1) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: a document regular in form as provided in Subsectionwhich purports to be a protest; (2) a purported stamp or writing of the dra…

70A-3-601. Discharge and effect of discharge. (1) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. (2) Discharge of the obliga…

70A-3-602. Payment. (1) Subject to Subsection, an instrument is paid to the extent payment is made by or on behalf of a party obliged to pay the instrument, and to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pa…

70A-3-603. Tender of payment. (1) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. (2) If tender of pay…

70A-3-604. Discharge by cancellation or renunciation. (1) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument by: an intentional voluntary act, such as surrender of the instrument to the party, d…

70A-3-605. Discharge of indorsers and accommodation parties. (1) In this section, the term "indorser" includes a drawer having the obligation described in Subsection. 70A-3-414(4) (2) Discharge, under Section, of the obligation of a party to pay an instrument does not discharge t…