Negotiation
Known as the Uniform Commercial Code
The act spans §§ 25–25 (616 sections).
Applied in 1 court decision — leading case 217 N.C. App. 244 - In Re the Foreclosure of a Deed of Trust Executed by Bass (2011)
Most recently applied in 217 N.C. App. 244 - In Re the Foreclosure of a Deed of Trust Executed by Bass (December 2011)
1899, c. 733, ss. 30-32; Rev., ss. 2178, 2179, 2181; C.S., ss. 3010, 3011, 3013; 1965, c. 700, s. 1; 1995, c. 232, s. 1.
(a) "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.
(b) 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: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.