Question about alterations and incomplete instruments
From my Themis outline
The legal effect of an unauthorized alteration is that the obligor is discharged on the instrument
A payor bank/holder in due course may enforce rights with respect to the instrument according to its original terms before the alteration
Question: so the obligor is still on the hook for the original amount and only discharged with respect to the alteration?
In terms of an unauthorized completion: the obligor is discharged on the instrument but a payor bank/HDC can enforce the instrument as completed
Question: against who? The obligor?
Commercial Paper question Forum
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