Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder.
Miss. Code Ann. § 75-3-207
Reacquisition
Known as the Uniform Commercial Code
The act spans §§ 75–75 (480 sections).
Former § 75-3-207: Codes, 1942, § 41A:3-207; Laws, 1966, ch. 316, § 3-207; Laws, 1992, ch. 420, § 26, eff from and after January 1, 1993.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.