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Can you summarize IACO 554.3303?
UNIFORM COMMERCIAL CODE > Value and consideration.
Short Summary
This legal document, found in the Iowa Code under the Uniform Commercial Code, pertains to the issuance or transfer of instruments for value and consideration. It outlines the various scenarios in which an instrument can be considered issued or transferred for value, such as promises of performance, acquisition of security interests, payment of antecedent claims, exchange for negotiable instruments, or incurring irrevocable obligations. The document also defines ‘consideration’ as any consideration sufficient to support a simple contract and provides defenses for instruments issued without consideration. Overall, this document provides guidance and rules for determining the value and consideration associated with the issuance or transfer of instruments.
Whom does it apply to?
Parties involved in the issuance or transfer of instruments
What does it govern?
Value and consideration
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa