Section 22 Requirements

• Library: Commercial Law 2007

Under Article 3 of the Missouri Uniform Commercial Code (UCC), §§ 400.3-101 et seq., RSMo 2000 and Supp. 2006, a holder of an instrument can become a “super plaintiff,” referred to as a “holder in due course,” and thus generally take the instrument free from all claims of any party and from all defenses of any party with whom the holder has not dealt, with certain exceptions, as discussed in greater detail in §2.27 below, if:

• “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”

• “the holder took...