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.
W. Va. Code § 46-3-306
Claims to an instrument
Known as the Uniform Commercial Code
The act spans §§ 46–46 (630 sections).
Applied in 1 court decision — leading case 688 F. Supp. 872 - Midwest Corp. v. Global Cable, Inc. (1988)
Most recently applied in 688 F. Supp. 872 - Midwest Corp. v. Global Cable, Inc. (May 1988)
Official source: West Virginia Legislature. Reproduced from public-domain West Virginia statutes; confirm against the official source for the current text. Not legal advice.