§3-1105. Issue of instrument
(1).
"Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.
[PL 1993, c. 293, Pt. A, §2 (NEW).]
(2).
An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure to fulfill the condition or special purpose is a defense.
[PL 1993, c. 293, Pt. A, §2 (NEW).]
(3).
"Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument.
[PL 1993, c. 293, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 1993, c. 293, §A2 (NEW).