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).
Read more about this topic: Real Defense
Famous quotes containing the words ten, types, real, defenses, depending, state and/or law:
“Love’s heralds should be thoughts,
Which ten times faster glides than the sun’s beams,
Driving back shadows over low’ring hills.”
—William Shakespeare (1564–1616)
“He’s one of those know-it-all types that, if you flatter the wig off him, he chatter like a goony bird at mating time.”
—Michael Blankfort. Lewis Milestone. Johnson (Reginald Gardner)
“Even with limited intelligence, knowing oneself is not as difficult as some say, but to act according to what one has realized about oneself in real life is as difficult as practicing anything else, compared to theory.”
—Franz Grillparzer (1791–1872)
“We are a nation of politicians, concerned about the outmost defenses only of freedom. It is our children’s children who may perchance be really free.”
—Henry David Thoreau (1817–1862)
“[Religious liberty was] in its nature an inalienable right ... because the opinions of men, depending only upon the evidence contemplated by their minds, cannot follow the dictates of other men.”
—James Madison (1751–1836)
“Melancholy has ceased to be an individual phenomenon, an exception. It has become the class privilege of the wage earner, a mass state of mind that finds its cause wherever life is governed by production quotas.”
—Günther Grass (b. 1927)
“Concord’s little arch does not span all our fate, nor is what transpires under it law for the universe.”
—Henry David Thoreau (1817–1862)