Ask Reggi Your Question Now
Can you summarize IACO 554.3109?
UNIFORM COMMERCIAL CODE > Payable to bearer or to order.
Short Summary
This legal document, governed by the Iowa Code, pertains to the payment terms of promises or orders. It specifies that a promise or order is payable to bearer if it explicitly states so, does not mention a payee, or indicates that it is payable to cash or not to an identified person. On the other hand, a promise or order that is not payable to bearer is payable to order if it is payable to the order of an identified person or to an identified person or order. The document also explains that an instrument payable to bearer may become payable to an identified person if it is specially endorsed, while an instrument payable to an identified person may become payable to bearer if it is endorsed in blank. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
This legal document applies to individuals or entities involved in commercial transactions governed by the Iowa Code.
What does it govern?
Payable to bearer or to order
What are exemptions?
No exemptions are mentioned in the provided legal document content.
What are the Penalties?
No penalties are mentioned in the provided legal document content.
Jurisdiction
Iowa