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Can you summarize IACO 554.3307?
UNIFORM COMMERCIAL CODE > Notice of breach of fiduciary duty.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the breach of fiduciary duty. It defines the terms ‘fiduciary’ and ‘represented person’ and outlines the rules that apply when an instrument is taken from a fiduciary for payment or collection. The document states that notice of breach of fiduciary duty by the fiduciary is considered notice of the claim of the represented person. It also specifies the circumstances under which a taker has notice of the breach of fiduciary duty. The document does not mention any specific penalties for non-compliance or violations. Overall, this document provides guidance on the legal implications and consequences of breaching fiduciary duties in Iowa.
Whom does it apply to?
Agents, trustees, partners, corporate officers or directors, and other representatives who owe a fiduciary duty
What does it govern?
Breach of fiduciary duty
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Iowa