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The Laws of New York
Consolidated Laws of New York
CHAPTER 38
Uniform Commercial Code
ARTICLE 3
Commercial Paper
PART 2
Transfer and Negotiation
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SECTION 3-207
Negotiation Effective Although It May Be Rescinded
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PART 2
Transfer and Negotiation
This entry was published on 2014-09-22
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SECTION 3-208
Reacquisition
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 3, PART 2
Section 3--208. Reacquisition.

Where an instrument is returned to or reacquired by a prior party he
may cancel any indorsement which is not necessary to his title and
reissue or further negotiate the instrument, but any intervening party
is discharged as against the reacquiring party and subsequent holders
not in due course and if his indorsement has been cancelled is
discharged as against subsequent holders in due course as well.