Ask Reggi Your Question Now
Can you summarize IACO 554.3304?
UNIFORM COMMERCIAL CODE > Overdue instrument.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the concept of overdue instruments. An instrument payable on demand becomes overdue under certain circumstances, such as the day after demand for payment is duly made, ninety days after the date for checks, or after an unreasonably long period for non-check instruments. For instruments payable at a definite time, different rules apply depending on whether the principal is payable in installments or not, and whether the due date has been accelerated. The document also clarifies that an instrument does not become overdue if there is default in payment of interest but no default in payment of principal. The document does not specify any penalties or exemptions. Overall, it provides guidelines for determining when an instrument becomes overdue in commercial transactions.
Whom does it apply to?
Parties involved in commercial transactions
What does it govern?
Overdue instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa