Re: why chat

Posted by Why Chat (209.240.198.61) on October 17, 2003 at 17:52:12:

In Reply to: why chat posted by scott on October 17, 2003 at 17:23:48:

§12A-3-117.
OTHER AGREEMENTS AFFECTING INSTRUMENT
Subject to applicable law regarding exclusion of proof of
contemporaneous or previous agreements,

IF THERE IS ANOTHER STATUTE THAT PREVENTS OR LIMITS CHANGES THEN THIS STATUTE IS NOT IN EFFECT

the obligation of a party to
an instrument to pay the instrument may be modified, supplemented, or
nullified by a separate agreement of the obligor and a person entitled
to enforce the instrument,

REQUIRES BOTH PARTIES TO CHANGE THE CONTRACT IN WRITING.

if the instrument is issued or the
obligation is incurred in reliance on the agreement or as part of the
same transaction giving rise to the agreement.

ANY CHANGE MUST RELATE ONLY TO THE ORIGINAL TRANSACTION

To the extent an
obligation is modified, supplemented, or nullified by an agreement

under this section, the agreement is a defense to the obligation

IF A CONTRACT OR AGREEMENT IS CHANGED, ANY CLAIM AGAINST EITHER PARTY IS BOUND BY THE TERMS OF THE CHANGE: (NO GOING BACK TO THE ORIGINAL AGREEMENT)

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