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Can you summarize 13 PACS Division 3?
COMMERCIAL CODE > NEGOTIABLE INSTRUMENTS
Short Summary
The provided legal document content pertains to the enforcement, liability, dishonor, and discharge of negotiable instruments in Pennsylvania. It covers various aspects related to the rights and obligations of parties involved in the creation, transfer, or enforcement of these instruments. The document defines the process of transfer and outlines the rights acquired by the transferee. It also addresses the right of the transferee to demand endorsement and the effect of transferring less than the entire instrument. The document further defines the concept of a ‘person entitled to enforce’ an instrument and outlines the criteria for someone to be recognized as a ‘holder in due course’ of a negotiable instrument. It addresses the enforcement of lost, destroyed, or stolen instruments, requirements for proof of signatures, defenses and claims in recoupment, and the concept of accord and satisfaction by use of an instrument. The document also provides rules for when a note or draft is considered dishonored, including the actions that need to be taken for proper presentment and payment, and the consequences of non-payment or non-acceptance. It outlines the obligations of an indorser and drawer in relation to the dishonor of negotiable instruments, including the requirement of giving notice of dishonor. The document further explains the circumstances under which presentment for payment or acceptance of an instrument is excused, as well as when notice of dishonor is excused. Additionally, the document establishes the general rule for the discharge and payment of negotiable instruments, with exceptions where the obligation of a party to pay the instrument is not discharged. It discusses the methods of discharge, including intentional voluntary acts or an agreement not to sue. Overall, these documents provide guidance on the legal aspects of transfer, enforcement, liability, dishonor, and discharge of negotiable instruments in Pennsylvania.
Whom does it apply to?
The documents apply to parties involved in the creation, transfer, or enforcement of negotiable instruments, including issuers, drawees, payees, indorsers, and holders in due course.
What does it govern?
The legal document found in the Pennsylvania Compiled Statutes under the Commercial Code section on Negotiable Instruments governs the transfer, enforcement, liability, dishonor, and discharge of negotiable instruments.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Pennsylvania