An alteration that involves changing the payee's name may be used as a personal defense.

Name: An alteration that involves changing the payee's name may be used as a personal defense.
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Question

Quizplus · Accepted Answer

An alteration involving changing the payee's name is considered a material alteration and affects the obligations of the parties. It is a real defense, valid against all holders, including holders in due course, not just a personal defense.

An Alteration That Involves Changing the Payee's Name May Be