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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>58085</law_id><section_number>8.3A-203</section_number><catch_line>Transfer of instrument; rights acquired by transfer</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>8.3A-103</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="8.3A">Commercial Code &#x2014; Negotiable Instruments</unit><unit label="part" level="2" order_by="1" identifier="2">Negotiation, Transfer, and Endorsement</unit></structure><text>
						<section id="a"><p><span class="prefix-number">a.</span> An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument. <a id="paragraph-212789" class="section-permalink" href="https://vacode.org/8.3A-203/#a"><i class="fa fa-link"/></a></p></section>
						<section id="b"><p><span class="prefix-number">b.</span> Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course, but the transferee cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee engaged in <span class="dictionary">fraud</span> or illegality affecting the instrument. <a id="paragraph-212790" class="section-permalink" href="https://vacode.org/8.3A-203/#b"><i class="fa fa-link"/></a></p></section>
						<section id="c"><p><span class="prefix-number">c.</span> Unless otherwise agreed, if an instrument is transferred for value and the transferee does not become a holder because of lack of endorsement by the transferor, the transferee has a specifically enforceable right to the unqualified endorsement of the transferor, but negotiation of the instrument does not occur until the endorsement is made. <a id="paragraph-212791" class="section-permalink" href="https://vacode.org/8.3A-203/#c"><i class="fa fa-link"/></a></p></section>
						<section id="d"><p><span class="prefix-number">d.</span> If a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur. The transferee obtains no rights under this title and has only the rights of a partial assignee. <a id="paragraph-212792" class="section-permalink" href="https://vacode.org/8.3A-203/#d"><i class="fa fa-link"/></a></p></section></text><history>Code 1950, &#xA7;&#xA7; 6-379, 6-382 through 6-384, 6-401, 6-410; 1964, c. 219, &#xA7;&#xA7; 8.3-201, 8.3-202; 1992, c. 693.</history><metadata></metadata></law>
