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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1303.27 | Reacquisition - UCC 3-207.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1303 Commercial Paper
 
Effective:
August 19, 1994
Latest Legislation:
Senate Bill 147 - 120th General Assembly
PDF:
Download Authenticated PDF
 

"Reacquisition of an instrument" occurs if it is transferred by negotiation or otherwise to a former holder. A former holder who reacquires the instrument may cancel any indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder.

Available Versions of this Section