Printable Format84-3-105. Issue of instrument. (a) "Issue" means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person.
(b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.
(c) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument.
History: L. 1991, ch. 296, § 5; February 1, 1992.
KANSAS COMMENT, 1996
This section does not vary from the 1995 Official Text, and is new with the 1990 version of the Official Text. "Issue" previously was defined in 84-3-102. If an incomplete, but signed note or check is wrongfully circulated, it is binding on the issuer. The issuer may have a defense (subsection (b)), but that person is still the "issuer" under subsection (c). This section is derived from the former 84-3-102.
Revisor's Note:
Former section 84-3-105 was repealed by L. 1991, ch. 296, § 111 and the number reassigned to the current text.