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.
Me. Rev. Stat. tit. 11, § 3-1306
Claims to an instrument
Known as the Uniform Commercial Code
The act spans §§ 2–9 (548 sections).
PL 1993, c. 293, §A2 (NEW).
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.