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Can you summarize NHRS 382-A:3-407?
UNIFORM COMMERCIAL CODE > Alteration.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, defines and regulates the concept of alteration in commercial transactions. An alteration refers to an unauthorized change in an instrument that modifies the obligation of a party or an unauthorized addition/change to an incomplete instrument related to a party’s obligation. Fraudulent alterations discharge the party whose obligation is affected, unless they assent or are precluded from asserting the alteration. However, non-fraudulent alterations do not discharge a party, and the instrument can be enforced according to its original terms. The document also specifies that a payor bank, drawee, or a person taking a fraudulently altered instrument for value, in good faith and without notice of the alteration, may enforce rights according to the instrument’s original terms or, in the case of an incomplete instrument altered by unauthorized completion, according to its terms as completed.
Whom does it apply to?
Parties involved in commercial transactions
What does it govern?
Alteration of instruments in commercial transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Hampshire