Ten Types of Real Defenses Depending Upon State Law
1. Fraud inducing obligor to sign instrument without a reasonable opportunity to learn of its fraudulent character or essential terms (also known as “(fraud in the factum”); this depends upon consideration of “all relevant factors”;
2. forgery of a necessary signature;
3. adjudicated insanity which renders the instrument void;
4. material alteration of the instrument, such as the amount;
5. infancy which renders the instrument voidable or void;
6. illegality which renders the instrument void;
7. duress at the time of making the instrument;
8. discharge of obligor in insolvency proceedings, or any discharge known to the HDC;
9. a suretyship defense, such as the holder knew an indorser was signing as a surety or accommodation party;
10. statute of limitation (generally 3 years after dishonor of a draft or 6 years after demand or other due date on a note).
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