Tennessee Code 47-3-306 – Claims to an instrument
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 47-3-306
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
- Property: includes both personal and real property. See Tennessee Code 1-3-105
A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.