N.Y. Uniform Commercial Code 3-208 – Reacquisition
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Section 3–208. Reacquisition.
Terms Used In N.Y. Uniform Commercial Code 3-208
- Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
Where an instrument is returned to or reacquired by a prior party he may cancel any indorsement which is not necessary to his title and reissue or further negotiate the instrument, but any intervening party is discharged as against the reacquiring party and subsequent holders not in due course and if his indorsement has been cancelled is discharged as against subsequent holders in due course as well.