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Can you summarize IACO 554.3108?
UNIFORM COMMERCIAL CODE > Payable on demand or at definite time.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, defines the terms ‘payable on demand’ and ‘payable at a definite time’ for promises or orders. A promise or order is considered ‘payable on demand’ if it explicitly states so, indicates payment at the will of the holder, or does not specify any time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it becomes due after a specific period of time, at a fixed date or dates, or at a readily ascertainable time or times. The document also clarifies that if an instrument is payable at a fixed date but can also be demanded before that date, it is considered payable on demand until the fixed date. After the fixed date, if no demand for payment is made, it becomes payable at a definite time on the fixed date. This document provides the legal framework for determining the timing of payment obligations in commercial transactions.
Whom does it apply to?
Parties involved in promises or orders
What does it govern?
Payable on demand or at definite time
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa