Sec. 117. 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.
Ind. Code § 26-1-3.1-117
Other agreements affecting instrument
Known as the Uniform Commercial Code
The act spans §§ 26-1-1-0.2 to 26-1-9.1-902 (630 sections).
Applied in 1 court decision — leading case Cruisin', Inc., d/b/a Cruisin' Auto Sales v. Springleaf Financial Services of Indiana, Inc., f/k/a American General Financial Services (2014)
Most recently applied in Cruisin', Inc., d/b/a Cruisin' Auto Sales v. Springleaf Financial Services of Indiana, Inc., f/k/a American General Financial Services (June 2014)
As added by P.L.222-1993, SEC.5.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.