Vermont Statutes Title 9 Sec. 8-305
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Terms Used In Vermont Statutes Title 9 Sec. 8-305
- 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.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
§ 8—305. Instruction
(a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.
(b) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by section 8—108 of this title and not an obligation that the security will be honored by the issuer. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)