{"data":{"id":"us-mi/mich.-comp.-laws-440.3203","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.3203","heading":"Transfer of instrument; delivery; rights of transferee; effect of transfer of less than entire instrument.","body":"Sec. 3203.\n\nAn instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument.\n\nTransfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course, but the transferee cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee engaged in fraud or illegality affecting the instrument.\n\nUnless otherwise agreed, if an instrument is transferred for value and the transferee does not become a holder because of lack of endorsement by the transferor, the transferee has a specifically enforceable right to the unqualified endorsement of the transferor, but negotiation of the instrument does not occur until the endorsement is made.\n\nIf a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur. The transferee obtains no rights under this article and has only the rights of a partial assignee.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-3203","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"e770826daaf214aacda3f2eb9a20351d30e3b44eeef571d6ba41fb3225498964","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.3202","next":"us-mi/mich.-comp.-laws-440.3204"},"notice":"GroundRules: Original legal text. Not legal advice."}