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Can you summarize Chapter 62A.3 WARC?
UNIFORM COMMERCIAL CODE > Negotiable instruments.
Short Summary
This legal document, part of the Revised Code of Washington under the Uniform Commercial Code, governs the transfer of negotiable instruments. It outlines the conditions for a valid transfer, including delivery by a person other than the issuer for the purpose of granting the right to enforce the instrument. The document states that the transferee acquires the transferor’s rights to enforce the instrument, including holder in due course status, unless the transferee engaged in fraud or illegality affecting the instrument. It also addresses situations where an instrument is transferred for value but lacks endorsement by the transferor, granting the transferee a specifically enforceable right to the unqualified endorsement. However, negotiation of the instrument does not occur until the endorsement is made. The document further clarifies that if a transferor purports to transfer less than the entire instrument, negotiation does not occur, and the transferee only obtains the rights of a partial assignee. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in the transfer of negotiable instruments
What does it govern?
Transfer of negotiable instruments
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Washington