8.3A-207 - A-207. Reacquisition. - Virginia Statutes

§ 8.3A-207. Reacquisition.

Reacquisition of an instrument occurs if it is transferred to a formerholder, by negotiation or otherwise. A former holder who reacquires theinstrument may cancel endorsements made after the reacquirer first became aholder of the instrument. If the cancellation causes the instrument to bepayable to the reacquirer or to bearer, the reacquirer may negotiate theinstrument. An endorser whose endorsement is canceled is discharged, and thedischarge is effective against any subsequent holder.

(Code 1950, §§ 6-400, 6-402, 6-474; 1964, c. 219, § 8.3-208; 1992, c. 693.)