810 ILCS 5/3-306
Claims to an instrument
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(810 ILCS 5/3-306)
(from Ch. 26, par. 3-306)
Sec. 3-306.
Claims to an instrument.
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.
(Source: P.A. 87-582.)
Notes of Decisions
Cited in 3
cases (1 in the last 5 years), 2005–2023 · leading case: Heartland Bank and Trust Co. v. Leiter Group
Heartland Bank and Trust Co. v. Leiter Group (2014)
“course if: “(1) the instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete as to call into question its authenticity, and (2) the holder took the instrument (i) for value,…”
Western & Lake Check Cashers, LLC v. Propane Pete, LLC (2023)
“notice that the instrument is overdue or has been dishonored or that there is an uncured default with respect to payment of another instrument issued as -7- 2023 IL App (2d) 220291 part of the same series, (iv) without notice that the instrument contains an unauthorized…”
Mikrut v. First Bank of Oak Park (2005)
“Count II alleged a "claim of interest" under sections 3-306 and 3-307 of the UCC (810 ILCS 5/3-306, 3-307 (West 2000)). First Bank moved for summary judgment on each count arguing, among other things, that under the Fiduciary Obligations Act (760 ILCS 65/7 (West 2000)) , First…”
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