(3-306) Claims to an instrument

N.D. Cent. Code § 41-03-32
in effect
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41-03-32. (3-306) Claims to an instrument 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: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t41c03.pdf#nameddest=41-03-32Fetched: 10/16/2026

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