- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 3. Negotiable Instruments
- Section 420. Conversion of Instrument.
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. Instruments Signed For Accommodation.
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AS 45.03.420. Conversion of Instrument.
- (a) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is
taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument, or a bank makes or
obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment.
An action for conversion of an instrument may not be brought by the issuer or acceptor of the instrument, or by a payee
or endorsee who did not receive delivery of the instrument either directly or through delivery to an agent or a
- (b) In an action under (a) of this section, the measure of liability is presumed to be the amount payable on the
instrument, but recovery may not exceed the amount of the plaintiff's interest in the instrument.
- (c) A representative, other than a depositary bank, who has in good faith dealt with an instrument or its proceeds on
behalf of one who was not the person entitled to enforce the instrument is not liable in conversion to that person
beyond the amount of any proceeds that it has not paid out.
Article 05. PRESENTMENT, NOTICE OF DISHONOR, AND PROTEST
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