Montana Code 30-3-125. Issue of instrument
30-3-125. Issue of instrument. (1) “Issue” means 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.
Terms Used In Montana Code 30-3-125
- Drawer: means a person that signs a draft as a person ordering payment. See Montana Code 30-3-102
- Maker: means a person that signs a note as promisor of payment. See Montana Code 30-3-102
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(2)An unissued instrument or an unissued incomplete instrument (30-3-115) 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.