Me. Rev. Stat. tit. 11, § 3-1201

Negotiation

Known as the Uniform Commercial Code

The act spans §§ 2–9 (548 sections).

Applied in 1 court decision — leading case Perrino v. Salem, Inc. (In Re Mainely Payroll, Inc.) (1999)

Most recently applied in Perrino v. Salem, Inc. (In Re Mainely Payroll, Inc.) (May 1999)

PL 1993, c. 293, §A2 (NEW).

(1). "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.

(2). Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.

Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.