Negotiation
Known as the Uniform Commercial Code
The act spans §§ 36–36 (519 sections).
Applied in 1 court decision — leading case Twelfth RMA Partners, L.P. v. National Safe Corp. (1999)
Most recently applied in Twelfth RMA Partners, L.P. v. National Safe Corp. (May 1999)
1962 Code SECTION 10.3-201; 1966 (54) 2716; 2008 Act No. 204, SECTION 2, eff July 1, 2008.
(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: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.