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Can you summarize IACO 554.3110?
UNIFORM COMMERCIAL CODE > Identification of person to whom instrument is payable.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the identification of the person to whom an instrument is payable. The document states that the person to whom an instrument is initially payable is determined by the intent of the person signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer, even if that person is identified in the instrument by a name or other identification that is not their own. If multiple signers do not intend the same person as payee, the instrument is payable to any person intended by one or more of the signers. The document also covers situations where the signature of the issuer is made by automated means, and it clarifies that the payee is determined by the intent of the person who supplied the name or identification of the payee. Additionally, the document provides rules for identifying the holder of an instrument based on various scenarios, such as when an instrument is payable to an account or to a trust, estate, or representative. The document concludes by explaining the rules for instruments payable to multiple persons alternatively or non-alternatively.
Whom does it apply to?
All parties involved in commercial transactions and the issuance of instruments
What does it govern?
Identification of person to whom instrument is payable
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa