MS 1990 [Repealed, 1992 c 565 s 114
(a) "Alteration" means (i) an unauthorized change in an instrument that purports to modify in
any respect the obligation of a party, or (ii) an unauthorized addition of words or numbers or other
change to an incomplete instrument relating to the obligation of a party.
(b) Except as provided in subsection (c), an alteration fraudulently made discharges a
party whose obligation is affected by the alteration unless that party assents or is precluded
from asserting the alteration. No other alteration discharges a party, and the instrument may
be enforced according to its original terms.
(c) A payor bank or drawee paying a fraudulently altered instrument or a person taking it
for value, in good faith and without notice of the alteration, may enforce rights with respect to
the instrument (i) according to its original terms, or (ii) in the case of an incomplete instrument
altered by unauthorized completion, according to its terms as completed.
History: 1992 c 565 s 47