- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 3. Negotiable Instruments
- Section 202. Negotiation Subject to Rescission.
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. Transfer of Instrument; Rights Acquired By Transfer.
AS 45.03.202. Negotiation Subject to Rescission.
- (a) Negotiation is effective even if obtained
- (1) from an infant, a corporation exceeding its powers, or a person without capacity;
- (2) by fraud, duress, or mistake; or
- (3) in breach of duty or as part of an illegal transaction.
- (b) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those
remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith
and without knowledge of facts that are a basis for rescission or other remedy.
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