- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 3. Negotiable Instruments
- Section 407. Alteration.
previous: Section 406
. Negligence Contributing to Forged Signature or Alteration of Instrument.
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. Drawee Not Liable On Unaccepted Draft.
AS 45.03.407. Alteration.
- (a) Except as provided in (b) of this section, 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. Another alteration
does not discharge a party, and the instrument may be enforced according to its original terms.
- (b) 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 according to its original terms or,
in the case of an incomplete instrument altered by unauthorized completion, according to its terms as completed.
- (c) "Alteration" means
- (1) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party; or
- (2) an unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of
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