N.Y. Uniform Commercial Code 3-117 – Instruments Payable With Words of Description
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Section 3–117. Instruments Payable With Words of Description.
Terms Used In N.Y. Uniform Commercial Code 3-117
- Fiduciary: A trustee, executor, or administrator.
- Instrument: means a negotiable instrument. See N.Y. Uniform Commercial Code 3-102
An instrument made payable to a named person with the addition of words describing him
(a) as agent or officer of a specified person is payable to his principal but the agent or officer may act as if he were the holder;
(b) as any other fiduciary for a specified person or purpose is payable to the payee and may be negotiated, discharged or enforced by him;
(c) in any other manner is payable to the payee unconditionally and the additional words are without effect on subsequent parties.