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Can you summarize IACO 554.3115?
UNIFORM COMMERCIAL CODE > Incomplete instrument.
Short Summary
This legal document defines an ‘incomplete instrument’ as a signed writing that is intended to be completed by adding words or numbers. It states that if an incomplete instrument falls under the category of an instrument as defined in section 554.3104 of the Iowa Code, it can be enforced according to its terms, whether completed or not. If an incomplete instrument does not fall under section 554.3104 but meets the requirements after completion, it can also be enforced. However, if words or numbers are added to an incomplete instrument without the authority of the signer, it is considered an alteration under section 554.3407. The burden of proving lack of authority lies with the person asserting it. This document is referred to in various sections of the Iowa Code related to commercial transactions.
Whom does it apply to?
Signers of incomplete instruments and those seeking to enforce them
What does it govern?
Incomplete instrument
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Iowa