Transfer of Instrument Law and Legal Definition
Pursuant to U.C.C. § 3-203, transfer of instrument is when an instrument is delivered by a person other than an issuer for the purpose of giving to a receiver the right to enforce the instrument. The transfer vests in a transferee the transferor's right to enforce the instrument. The rights include the right as a holder in due course. However, the transferee cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee engaged in fraud or illegality affecting the instrument. When an instrument is transferred for value , a transferee does not become a holder because of lack of indorsement. Moreover, when a transferor purports to transfer less than the entire instrument, the negotiation of the instrument does not occur.
Legal Definition list
- Transfer of Function [Office of Personnel Management]
- Transfer of Copyright Ownership
- Transfer in Contemplation of Death
- Transfer Court
- Transfer Agreement (Health Care)
- Transfer of Instrument
- Transfer of Ownership
- Transfer on Death Deed
- Transfer on Death TOD
- Transfer Packet (Juvenile)
- Transfer Price of a Digital Audio Recording Device