§ 6A-3-207 - Reacquisition.
SECTION 6A-3-207
§ 6A-3-207 Reacquisition. – Reacquisition of an instrument occurs if it is transferred to a former holder,by negotiation or otherwise. A former holder who reacquires the instrument maycancel indorsements made after the reacquirer first became a holder of theinstrument. If the cancellation causes the instrument to be payable to thereacquirer or to bearer, the reacquirer may negotiate the instrument. Anindorser whose indorsement is canceled is discharged, and the discharge iseffective against any subsequent holder.