Person entitled to enforce instrument
Known as the Uniform Commercial Code
The act spans §§ 2-101 to 9-1709 (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, Pt
"Person entitled to enforce" an instrument means:
(1). The holder of the instrument;
(2). A nonholder in possession of the instrument who has the rights of a holder; or
(3). A person not in possession of the instrument who is entitled to enforce the instrument pursuant to section 3‑1309 or 3‑1418, subsection (4).
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.
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.