{"data":{"id":"us-ky/krs-355.3-203","jurisdiction":"us-ky","citation":"KRS 355.3-203","heading":"Transfer of instrument -- Rights acquired by transfer.","body":"(1) An instrument is transferred when it is delivered by a person other than its issuer for\nthe purpose of giving to the person receiving delivery the right to enforce the\ninstrument.\n(2) Transfer of an instrument, whether or not the transfer is a negotiation,  vests in the\ntransferee any right of the transferor to enforce the instrument, including any right\nas a holder in due course, but the transferee cannot acquire rights of a holder in due\ncourse by a transfer, directly or indirectly, from a holder in due co urse if the\ntransferee engaged in fraud or illegality affecting the instrument.\n(3) Unless otherwise agreed, if an instrument is transferred for value and the transferee\ndoes not become a holder because of lack of indorsement by the transferor, the\ntransferee has a specifically enforceable right to the unqualified indorsement of the\ntransferor, but negotiation of the instrument does not occur until the indorsement is\nmade.\n(4) If a transferor purports to transfer less than the entire instrument, negotiation  of the\ninstrument does not occur. The transferee obtains no rights under this article and has\nonly the rights of a partial assignee.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33453","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:44Z","sha256":"0f1b5659af1ee1d5406af270a6592a3b251d7d330fff4bbed2c8570374072be6","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.3-202","next":"us-ky/krs-355.3-204"},"notice":"GroundRules: Original legal text. Not legal advice."}