Ask Reggi Your Question Now
Reggi is the free generative AI assistance for regulatory compliance
Can you summarize IACO 554.3117?
UNIFORM COMMERCIAL CODE > Other agreements affecting instrument.
Short Summary
Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullified by an agreement under this section, the agreement is a defense to the obligation. 94 Acts, ch 1167, 26, 121, 122
Jurisdiction
Iowa