70A-3-207 - Reacquisition.
70A-3-207. Reacquisition.
Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiationor otherwise. A former holder who reacquires the instrument may cancel indorsements madeafter the reacquirer first became a holder of the instrument. If the cancellation causes theinstrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate theinstrument. An indorser whose indorsement is canceled is discharged, and the discharge iseffective against any subsequent holder.
Repealed and Re-enacted by Chapter 237, 1993 General Session