This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the use of restrictive indorsements on negotiable instruments. It states that an indorsement that limits payment to a particular person or prohibits further transfer or negotiation of the instrument is not effective to prevent such transfer or negotiation. Additionally, an indorsement that states a condition to the right of the indorsee to receive payment does not affect the indorsee’s right to enforce the instrument.

Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder.

‘Person entitled to enforce’ an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to Section 3-309 or 3-418(d). A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, defines the concept of a ‘holder in due course’. A holder in due course refers to a person who holds a negotiable instrument, such as a promissory note or a check, and meets certain criteria. To be considered a holder in due course, the instrument must not show any signs of forgery, alteration, or irregularity that questions its authenticity.

This legal document, part of the New Hampshire Revised Statutes, specifically Chapter 382-A, pertains to the Uniform Commercial Code (UCC). It outlines the conditions under which an instrument is considered to be issued or transferred for value. These conditions include the instrument being issued or transferred for a promise of performance, the transferee acquiring a security interest or lien in the instrument, the instrument being issued or transferred as payment of an antecedent claim, the instrument being exchanged for a negotiable instrument, or the instrument being exchanged for the incurring of an irrevocable obligation to a third party.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the concept of overdue instruments. An instrument payable on demand becomes overdue at the earliest of three times: the day after demand for payment is made, 90 days after the date for checks, or when the instrument has been outstanding for an unreasonably long period of time considering the nature of the instrument and trade usage.

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.

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. Source. 1993, 346:1, eff.

This legal document pertains to the breach of fiduciary duty. It defines the terms ‘fiduciary’ as an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty, and ‘represented person’ as the principal, beneficiary, partnership, corporation, or other person to whom the fiduciary duty is owed. The document outlines the rules that apply when an instrument is taken from a fiduciary for payment or collection, and the taker has knowledge of the fiduciary status.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the proof of signatures and the status as a holder in due course in relation to instruments. In an action with respect to an instrument, the authenticity and authority of each signature on the instrument are admitted unless specifically denied in the pleadings. The burden of establishing the validity of a signature lies with the person claiming validity.