{"data":{"id":"us-nc/n.c.-gen.-stat.-25-3-203","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 25-3-203","heading":"Transfer of instrument; rights acquired by transfer.","body":"(a)\tAn 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(b)\tTransfer 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(c)\tUnless otherwise agreed, if an instrument is transferred for value and the transferee does not become a holder because of lack of indorsement by the transferor, the transferee has a specifically enforceable right to the unqualified indorsement of the transferor, but negotiation of the instrument does not occur until the indorsement is made.\n(d)\tIf 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. (1899, c. 733, ss. 27, 30-32, 49, 58; Rev., ss. 2175, 2178, 2179, 2181, 2198, 2207; C.S., ss. 3007, 3010, 3011, 3013, 3030, 3039; 1965, c. 700, s. 1; 1995, c. 232, s. 1.)","path":["Chapter 25. Uniform Commercial Code.","Article 3. Negotiable Instruments.","Part 2. Negotiation, Transfer, and Indorsement."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_25/GS_25-3-203.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T17:58:47Z","sha256":"f5217b2f505080cc760308a9230556f611d45dd484c4d720b6f07ffab3262d23","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-25-3-202","next":"us-nc/n.c.-gen.-stat.-25-3-204"},"notice":"GroundRules: Original legal text. Not legal advice."}