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Can you summarize IACO 554.3205?
UNIFORM COMMERCIAL CODE > Special endorsement blank endorsement anomalous endorsement.
Short Summary
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, governs the different types of endorsements on negotiable instruments. It defines and explains three types of endorsements: special endorsement, blank endorsement, and anomalous endorsement. A special endorsement is made by the holder of an instrument and identifies a specific person to whom the instrument is payable. It can only be negotiated by the endorsement of that person. A blank endorsement, on the other hand, is made by the holder of an instrument without specifying a particular payee, making the instrument payable to bearer. It can be negotiated by transfer of possession alone until specially endorsed. The document also states that a blank endorsement can be converted into a special endorsement by writing words identifying the person to whom the instrument is payable above the endorser’s signature. Lastly, an anomalous endorsement is an endorsement made by a person who is not the holder of the instrument, but it does not affect the manner in which the instrument may be negotiated. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Holders of negotiable instruments
What does it govern?
Endorsements on negotiable instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa