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Can you summarize IACO 554.3306?
UNIFORM COMMERCIAL CODE > Claims to an instrument.
Short Summary
A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument. 94 Acts, ch 1167, 41, 121, 122 Referred to in 554.3302, 554.3305, 554.3602
Jurisdiction
Iowa