Section 3-407 (subd [2], par [a]) of the Uniform Commercial Code provides that, as against anyone other than a subsequent holder in due course, a fraudulent and material alteration of an instrument by a holder "discharges any party whose contract is thereby changed unless that party assents or is precluded from asserting the defense". Paragraph (b) of subdivision (2) of that section provides that "no other alteration discharges any...
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