11 §3-1117. Other agreements affecting instrument - Maine Statutes

Title 11: UNIFORM COMMERCIAL CODE

Article 3-A: NEGOTIABLE INSTRUMENTS HEADING: PL 1993, C. 293, PT, A, §2 (NEW)

Part 1: GENERAL PROVISIONS AND DEFINITIONS HEADING: PL 1993, C. 293, PT. A, §2 (NEW)

§3-1117. Other agreements affecting instrument

Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented or nullified by an agreement under this section, the agreement is a defense to the obligation. [1993, c. 293, Pt. A, §2 (NEW).]

SECTION HISTORY

1993, c. 293, §A2 (NEW).