8.3A-105 - A-105. Issue of instrument. - Virginia Statutes

§ 8.3A-105. Issue of instrument.

(a) "Issue" means the first delivery of an instrument by the maker ordrawer, whether to a holder or nonholder, for the purpose of giving rights onthe instrument to any person.

(b) An unissued instrument, or an unissued incomplete instrument that iscompleted, is binding on the maker or drawer, but nonissuance is a defense.An instrument that is conditionally issued or is issued for a special purposeis binding on the maker or drawer, but failure of the condition or specialpurpose to be fulfilled is a defense.

(c) "Issuer" applies to issued and unissued instruments and means a makeror drawer of an instrument.

(Code 1950, §§ 6-368, 6-380, 6-410, 6-411, 6-544; 1964, c. 219, §§ 8.3-102,8.3-306; 1992, c. 693.)