Utah Code 70A-3-306. Claims to an instrument
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Terms Used In Utah Code 70A-3-306
- Person: means :Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
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.
Repealed and Re-enacted by Chapter 237, 1993 General Session