An alteration of a written instrument is a change in language of the instrument that is made by one of the parties to the instrument who is entitled to make the change. Any material alteration of a written instrument, after its execution, made by the owner or holder of the instrument, without the consent of the party to be charged, renders the instrument void as to the nonconsenting party. The party to be charged refers to that party or parties against whom enforcement of a contract or instrument is sought.
If a party consents to the alteration, the instrument will not be rendered invalid as to that party.
Mecklenburg North Carolina Ratification of the Alteration of an Instrument Which Was Made after Execution by the Party to be Charged
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Mecklenburg
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US-01172BG
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FAQ
Which of the following must occur for a drawer to become liable on a check? The three requirements are that (1) the holder of the instrument present the instrument to the drawee in a proper and timely fashion, (2) the instrument be dishonored, and (3) notice of the dishonor be given to the drawer.
Conditions for Liability in General For an accepted draft on a nonbank, or for an indorser, the conditions are (1) presentment, (2) dishonor, and (3) notice of dishonor.
A note involves two parties: the maker, who promises to pay, and the payee, the person to whose order the instrument is made payable.
Liability of person signing in trade or assumed name. - No person is liable on the instrument whose signature does not appear thereon, except as herein otherwise expressly provided. But one who signs in a trade or assumed name will be liable to the same extent as if he had signed in his own name. Sec.
An unauthorized signature is wholly inoperative and will not bind the person whose name is signed or forged. Unauthorized signatures can arise in two situations: first, forgery; and second, when an agent who lacks the authority signs an instrument on behalf of the principal.
A drawer or an indorser will be liable only if the party that is primarily responsible for paying the instrument refuses to do sothat is, dishonors the instrument. To refuse to accept or pay a draft or a promissory note when it is properly presented.
What conditions must be complied with to make a general indorser liable under an instrument? - Under Section 66, a general indorser is liable when he engages on due presentment of the instrument that it shall be accepted or paid or both according to its tenor and that if it be dishonored and necessary proceedings are
It must be signed by the maker or drawer. It must be an unconditional promise or order to pay. It must be for a fixed amount in money. It must be payable on demand or at a definite time.
- No person is liable on the instrument whose signature does not appear thereon, except as herein otherwise expressly provided. But one who signs in a trade or assumed name will be liable to the same extent as if he had signed in his own name.
Under Section 23 of the Negotiable Instruments Law, a forged signature in a check, whether it be that of the drawer or the payee, is wholly inoperative and no one can gain title to the instrument through it. A person whose signature was forged was never a party and never consented to the contract.
