Ark. Code Ann. » Title 4 Chapter 03
Arkansas Code Annotated

Ark. Code Ann. § 4-3-117 (2020)

Other agreements affecting instrument

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Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullified by an agreement under this section, the agreement is a defense to the obligation.

History. Acts 1991, No. 572, § 5.

Case Notes

Negotiability.

The mere reference to the transaction giving rise to the instruments does not affect negotiability. Federal Factors, Inc. v. Wellbanke, 241 Ark. 44, 406 S.W.2d 712 (1966) (decision under prior law).

Notes of Decisions
Cited in 1 case, 2017–2017 · leading case: Johnson Reg'l Med. Cntr. v. Dr. Robert Halterman, 867 F.3d 1013 (8th Cir. 2017).
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Johnson Reg'l Med. Cntr. v. Dr. Robert Halterman, 867 F.3d 1013 (8th Cir. 2017). “See Ark. Code Ann. § 4-3-117 (stating that the obligation of a party to pay a promissory note “may be modified [or] supplemented .”
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