8.3A-117 - A-117. Other agreements affecting instrument. - Virginia Statutes

§ 8.3A-117. Other agreements affecting instrument.

Subject to applicable law regarding exclusion of proof of contemporaneous orprevious agreements, the obligation of a party to an instrument to pay theinstrument may be modified, supplemented, or nullified by a separateagreement of the obligor and a person entitled to enforce the instrument, ifthe instrument is issued or the obligation is incurred in reliance on theagreement or as part of the same transaction giving rise to the agreement.To the extent an obligation is modified, supplemented, or nullified by anagreement under this section, the agreement is a defense to the obligation.

(1964, c. 219, § 8.3-119; 1992, c. 693.)