Current through the 2023 Regular Session
Section 30-3-125 - 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.(2) An unissued instrument or an unissued incomplete instrument ( 30-3-115 ) 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 of the condition or special purpose to be fulfilled is a defense.(3) "Issuer" applies to issued and unissued instruments and means any person that signs an instrument as maker or drawer.En. Sec. 91, Ch. 410, L. 1991.