A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.Former § 75-3-306: Codes, 1942, § 41A:3-306; Laws, 1966, ch. 316, § 3-306; Laws, 1992, ch. 420, § 32, eff. 1/1/1993.
Mississippi Legal Code