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Can you summarize NYCL GBS 394-A?
Miscellaneous > Proof of lost negotiable paper
Short Summary
This legal document pertains to the proof of lost negotiable paper in an action. It allows the party claiming the amount due on a lost negotiable instrument within article three of the uniform commercial code to prove its contents using parol or other secondary evidence. They may then recover or set off the amount due as if the instrument was produced. To do so, the party must provide a written undertaking to the adverse party, with at least two sureties, indemnifying them against any claim by any other person on account of the note or bill, as well as against all costs and expenses related to such a claim. However, if the action is prosecuted or defended by the state or a public officer on its behalf, they may prove the contents of a lost negotiable instrument without giving any security to the adverse party, regardless of section 3-804 of the uniform commercial code.
Whom does it apply to?
Parties involved in an action where a negotiable instrument within article three of the uniform commercial code is lost
What does it govern?
Proof of lost negotiable paper
What are exemptions?
The state or a public officer prosecuting or defending an action may prove the contents of a lost negotiable instrument without giving any security to the adverse party.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
New York