Find Laws Find Lawyers Free Legal Forms USA State Laws

NEW JERSEY STATUTES AND CODES

12A:4-407 - Payor bank's right to subrogation on improper payment 

12A:4-407.     Payor bank's right to subrogation on improper payment    If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights: 

a.     of any holder in due course on the item against the drawer or maker;

 

b.     of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and 

c.     of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose. 

L.1995,c.28,s.2. 
 

New Jersey Forms by Issue

New Jersey Court Forms
> Civil (County)
New Jersey Family Forms
New Jersey Tax Forms

New Jersey Law

New Jersey State Laws
    > New Jersey Child Support
    > New Jersey Statutes
New Jersey Tax
    > New Jersey State Tax
New Jersey Labor Laws
    > New Jersey Unemployment
New Jersey Agencies
    > New Jersey Department of Corrections
    > New Jersey Department of Education
    > New Jersey DMV
    > New Jersey State Police

New Jersey Court Map

Tips