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Can you summarize NVRS 104.3306?

Uniform Commercial CodeOriginal Articles > Claims to an instrument.

Short Summary

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. (Added to NRS by 1965, 826; A 1993, 1276)

Jurisdiction

Nevada

Source
NVRS 104.3306 [https://reggi.cloud.regology.com/regulations/US-NVRS/US-NVRS_T_8_C_104_S_3306]