§12A-3-203.

§12A-3-203.
   
            TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER
                                      
   (a) 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.
   
   (b) 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 fraud or illegality affecting the instrument.
   
   (c) Unless otherwise agreed, if an instrument is transferred for value
   and the transferee does not become a holder because of lack of
   indorsement by the transferor, the transferee has a specifically
   enforceable right to the unqualified indorsement of the transferor,
   but negotiation of the instrument does not occur until the indorsement
   is made.
   
   (d) 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 article and has only the
   rights of a partial assignee.