Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder. CHAPTER 33 ENFORCEMENT OF INSTRUMENTS Sec. 3301. Person entitled to enforce instrument. 3302. Holder in due course. 3303. Value and consideration. 3304. Overdue instrument. 3305. Defenses and claims in recoupment. 3306. Claims to an instrument. 3307. Notice of breach of fiduciary duty. 3308. Proof of signatures and status as holder in due course. 3309. Enforcement of lost, destroyed or stolen instrument. 3310. Effect of instrument on obligation for which taken. 3311. Accord and satisfaction by use of instrument. 3312. Lost, destroyed or stolen cashier's check, teller's check or certified check. Prior Provisions. Former Chapter 33, which related to rights of a holder, was added November 1, 1979, P.L.255, No.86, and repealed July 9, 1992, P.L.507, No.97, effective in one year.
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