400.3-105. Issue of instrument. - Missouri Statutes

Issue of instrument.

400.3-105. (a) "Issue" means the first delivery of aninstrument by the maker or drawer, whether to a holder ornonholder, for the purpose of giving rights on the instrument toany person.

(b) An unissued instrument, or an unissued incompleteinstrument that is completed, is binding on the maker or drawer,but nonissuance is a defense. An instrument that isconditionally issued or is issued for a special purpose isbinding on the maker or drawer, but failure of the condition orspecial purpose to be fulfilled is a defense.

(c) "Issuer" applies to issued and unissued instruments andmeans a maker or drawer of an instrument.

(L. 1992 S.B. 448)

*No continuity with § 400.3-105 as repealed by L. 1992 S.B. 448.