Ariz. Rev. Stat. » Title 47
Arizona Revised Statutes

Ariz. Rev. Stat. § 47-3306 (2026)

Claims to an instrument

✓ current as of May 2026
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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.

Notes of Decisions
Cited in 4 cases (1 in the last 5 years), 1985–2022 · leading case: Koss Corp. v. Am. Express Co., 309 P.3d 898 (Ariz. Ct. App. 2013).
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Koss Corp. v. Am. Express Co., 309 P.3d 898 (Ariz. Ct. App. 2013). · cites it 2× “”); A.R.S. § 47-3306 (2005) ("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…”
Valley Bank of Nevada v. JER Mgmt. Corp., 719 P.2d 301 (Ariz. Ct. App. 1986). · cites it 2× “A.R.S. § 47-3306(2). To be a holder in due course, the bank first had to qualify as a “holder,” that is, a person “in possession of .”
Wells Fargo Bank NA v. Worldwide Auto Car Co. LLC (D. Ariz. 2022). “ue; (b) In good faith; (c) Without notice that the instrument is overdue or has been dishonored or that there is an uncured default with 11 respect to payment of another instrument issued as part of the same series; 12 (d) Without notice that the instrument contains an…”
Jenney v. Lavey, 714 P.2d 445 (Ariz. Ct. App. 1985). “The rights of one not a holder in due course are provided by § 44-2536 (current version at § 47-3306) and in part subjects the holder to all defenses of any party available in an action on a simple contract plus the defense of nonperformance of any condition precedent.”
— Ariz. Rev. Stat. § 47-3306(2) — 1 case
Valley Bank of Nevada v. JER Mgmt. Corp., 719 P.2d 301 (Ariz. Ct. App. 1986). “A.R.S. § 47-3306(2). To be a holder in due course, the bank first had to qualify as a “holder,” that is, a person “in possession of .”
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