Indiana Code 26-1-3.1-306. Claims to an instrument
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Terms Used In Indiana Code 26-1-3.1-306
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 306. A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.
As added by P.L.222-1993, SEC.5.