KANSAS OFFICE of
  REVISOR of STATUTES

  

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84-8-305. Instruction. (a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.

(b) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by K.S.A. 84-8-108 and not an obligation that the security will be honored by the issuer.

History: L. 1996, ch. 202, § 58; July 1.

KANSAS COMMENT, 1996

This section is derived from the former 84-8-308(5) and has been rewritten. The section is identical to the 1995 Official Text.

An incomplete "instruction" by an "appropriate person" (see the definitional cross references following the Official Comment) is treated in much the same way as the issue of an incomplete security under 84-8-206. The incomplete instruction may be completed, properly or improperly, and the issuer may honor it as completed. As with an indorsement of a security, an instruction makes the appropriate warranties under 84-8-108 but does not guarantee performance of the obligation.

Revisor's Note:

Former section 84-8-305 was repealed by L. 1996, ch. 202, § 91 and the number reassigned to the current text.


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