Ask Reggi Your Question Now
Can you summarize IACO 554.3308?
UNIFORM COMMERCIAL CODE > Proof of signatures and status as holder in due course.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to actions involving instruments. It establishes that the authenticity and authority of each signature on the instrument are admitted unless specifically denied in the pleadings. The burden of establishing the validity of a signature lies with the person claiming validity, but the signature is presumed to be authentic and authorized unless the action is to enforce the liability of a deceased or incompetent signer. If an action is brought against a person as the undisclosed principal of a party who signed the instrument, the plaintiff has the burden of establishing the defendant’s liability. If the validity of signatures is admitted or proved, and there is compliance with the mentioned subsection, the plaintiff producing the instrument is entitled to payment if they prove entitlement to enforce the instrument, unless the defendant proves a defense or claim in recoupment. The right to payment of the plaintiff is subject to the defense or claim, except to the extent the plaintiff proves that they have the rights of a holder in due course, which are not subject to the defense or claim.
Whom does it apply to?
Parties involved in an action with respect to an instrument.
What does it govern?
Proof of signatures and status as holder in due course.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Iowa