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Can you summarize WVCO 46A-2-101?
CONSUMER CREDIT PROTECTION. > Holders of negotiable instruments subject to claims and defenses.
Short Summary
This legal document, part of the West Virginia Consumer Credit and Protection Act, establishes limitations for negotiable instruments related to consumer credit sales or consumer leases. It states that a holder in due course of such negotiable instruments shall be subject to all claims and defenses arising from the specific consumer credit sale or consumer lease that the buyer or lessee has against the seller or lessor. However, the holder’s liability is limited to the amount owed at the time they receive notice of the claims or defenses. The buyer or lessee must provide written notice of their claims and defenses within 180 days of receiving a written notice of negotiation from the holder. Failure to provide such notice within the specified period allows the holder to enforce the instrument free of any claims and defenses. The document also outlines requirements for the notice of negotiation, preservation of claims and defenses, and the negotiation of negotiable instruments. It does not mention any specific exemptions or penalties.
Whom does it apply to?
Holders in due course of negotiable instruments arising from consumer credit sales or consumer leases
What does it govern?
Holders of negotiable instruments subject to claims and defenses
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
West Virginia