355.3-407 Alteration. (1) "Alteration" means: (a) An unauthorized change in an instrument that purports to modify in any respect the obligation of a party; or (b) An unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party. (2) Except as provided in subsection (3) of this section, an alteration fraudulently made discharges a party whose obligation is affected by the alteration unless that party assents or is precluded from asserting the alteration. No other alteration discharges a party, and the instrument may be enforced according to its original terms. (3) A payor bank or drawee paying a fraudulently altered instrument or a person taking it for value, in good faith and without notice of the alteration, may enforce rights with respect to the instrument: (a) According to its original terms; or (b) In the case of an incomplete instrument altered by unauthorized completion, according to its terms as completed. Effective: January 1, 1997 History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 45, effective January 1, 1997. -- Created 1958 Ky. Acts ch. 77, sec. 3-407, effective July 1, 1960.
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