554.3207 Reacquisition. Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel endorsements madeafter the reacquirer first became a holder of the instrument. If the cancellation causes theinstrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate theinstrument. An endorser whose endorsement is canceled is discharged, and the discharge iseffective against any subsequent holder. 94 Acts, ch 1167, §35, 121, 122Referred to in §554.3103 Sat Dec 23 01:56:13 2023 Iowa Code 2024, Section 554.3207 (24, 0)
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