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Can you summarize NHRS 382-A:3-305?
UNIFORM COMMERCIAL CODE > Defenses and Claims in Recoupment.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the defenses and claims in recoupment in relation to the enforcement of obligations related to instruments. It outlines the rights and defenses available to obligors, including defenses based on infancy, duress, lack of legal capacity, illegality of the transaction, fraud, and discharge in insolvency proceedings. The document also allows for claims in recoupment by the obligor against the original payee of the instrument, with limitations on asserting the claim against a transferee. The rights of a holder in due course to enforce the obligation are subject to certain defenses and claims in recoupment. Additionally, the document specifies that an obligor may not assert certain defenses, claims in recoupment, or claims to the instrument of another person, unless that person is joined in the action and personally asserts the claim. However, an obligor is not obliged to pay the instrument if the person seeking enforcement does not have the rights of a holder in due course and the obligor proves that the instrument is lost or stolen. Accommodation parties also have the right to assert certain defenses and claims in recoupment, except for specific defenses. No penalties or exemptions are mentioned in this document.
Whom does it apply to?
Parties involved in the enforcement of obligations related to instruments
What does it govern?
Defenses and Claims in Recoupment
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire