Can you summarize IACO 554.3118?

Short Summary

1.A cause of action against a maker or an acceptor accrues a.in the case of a time instrument on the day after maturity; b.in the case of a demand instrument upon its date or, if no date is stated, on the date of issue. 2.A cause of action against the obligor of a demand or time certificate of deposit accrues upon demand, but demand on a time certificate may not be made until on or after the date of maturity. 3.A cause of action against a drawer of a draft or an endorser of any instrument accrues upon demand following dishonor of the instrument. Notice of dishonor is a demand. 4.Unless an instrument provides otherwise, interest runs at the rate provided by law for a judgment a.in the case of a maker, acceptor or other primary obligor of a demand instrument, from the date of demand; b.in all other cases from the date of accrual of the cause of action. 94 Acts, ch 1167, 27, 121, 122

Jurisdiction

Iowa

Source

• Banking