Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullified by an agreement under this section, the agreement is a defense to the obligation.
Ark. Code Ann. § 4-3-117
Other agreements affecting instrument
Known as the Uniform Commercial Code
The act spans §§ 4–4 (597 sections).
Applied in 1 court decision — leading case Johnson Regional Medical Center v. Halterman (2017)
Most recently applied in Johnson Regional Medical Center v. Halterman (August 2017)
Acts 1991, No. 572, § 5.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.