355.3 -117 Other agreements affecting instrument. Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a pers on entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullifi ed by an agreement under this section, the agreement is a defense to the obligation. Effective: January 1, 1997 History: Repealed and reenacted 1996 Ky. Acts ch. 130, sec. 17, effective January 1, 1997. -- Created 1958 Ky. Acts ch. 77, sec. 3 -117, effectiv e July 1, 1960.
Kentucky Legal Code