Texas Business & Commerce Code

§ 3.309 — ENFORCEMENT OF LOST, DESTROYED, OR STOLEN INSTRUMENT

BC § 3.309Title 1. UNIFORM COMMERCIAL CODE · Ch. 3. NEGOTIABLE INSTRUMENTS · Art. C. ENFORCEMENT OF INSTRUMENTS

Statute text

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(a)A person who is not in possession of an instrument is entitled to enforce the instrument if:

(1)the person seeking to enforce the instrument:

(A)was entitled to enforce the instrument when loss of possession occurred; or

(B)has directly or indirectly acquired ownership of the instrument from a person who was entitled to enforce the instrument when loss of possession occurred;

(2)the loss of possession was not the result of a transfer by the person or a lawful seizure; and

(3)the person cannot reasonably obtain possession of the instrument because the instrument was destroyed, its whereabouts cannot be determined, or it is in the wrongful possession of an unknown person or a person that cannot be found or is not amenable to service of process.

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Legislative history

Acts 2005, 79th Leg., Ch. 95 (S.B. 1563), Sec. 6, eff. September 1, 2005.