Kentucky Statutes 355.3-601 – Discharge and effect of dishonor
Current as of: 2024 | Check for updates
|
Other versions
(1) The obligation of a party to pay the instrument is discharged as stated in this article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.
(2) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 64, effective January 1,
1997. — Created 1958 Ky. Acts ch. 77, sec. 3-601, effective July 1, 1960.
(2) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge.
Terms Used In Kentucky Statutes 355.3-601
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Effective: January 1, 1997
History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 64, effective January 1,
1997. — Created 1958 Ky. Acts ch. 77, sec. 3-601, effective July 1, 1960.