CLAIMS TO AN INSTRUMENT
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.
Laws 1961, p. 109, § 3-306; Laws 1991, c. 117, § 57, eff. Jan. 1, 1992.
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