Material alteration is that change in the negotiable instrument which causes it to speak a different language in legal effect from that which it had originally spoken. Change in order to be material must alter the business effect to the instrument. These changes may relate to the legal identity or character of the instrument either in the terms or in the legal relation to the parties to it. All changes which alter the operation of the instrument or the rights and liabilities of the parties shall be material, it will be immaterial whether the alteration is for the detriment to any party to the instruments.
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