Missouri Laws 417.418 – Payment for services to be by check — taking other negotiable instrument, ..
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1. In payment for invention development services, the invention developer shall not take from a customer a negotiable instrument other than a check as evidence of the obligation of the customer. Notwithstanding any provision of chapter 400 to the contrary, a holder of a negotiable instrument is not a holder in due course if he takes a negotiable instrument taken from a customer in violation of this section.
2. No contract for invention development services shall require the execution of any note or draft or series of notes or drafts by the customer which, when separately negotiated, will cut off as to third parties any right of action or defense which the customer may have against the invention developer.
Terms Used In Missouri Laws 417.418
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.