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Can you summarize IACO 554.3309?
UNIFORM COMMERCIAL CODE > Enforcement of lost, destroyed, or stolen instrument.
Short Summary
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, pertains to the enforcement of lost, destroyed, or stolen instruments. It outlines the conditions under which a person not in possession of an instrument is entitled to enforce it. The person seeking enforcement must have been entitled to enforce the instrument when the loss of possession occurred or have acquired ownership from someone who was entitled to it. The loss of possession must not be a result of a transfer or lawful seizure by the person. Additionally, the person must be unable to reasonably obtain possession of the instrument due to destruction, unknown whereabouts, or wrongful possession by an unknown or unfindable person. To enforce the instrument, the person must prove the terms of the instrument and their right to enforce it. The court may only enter judgment in favor of the person seeking enforcement if it finds that the person required to pay the instrument is adequately protected against potential loss from another person claiming the instrument. Adequate protection can be provided through any reasonable means. The document references section 554.3308 for further guidance and does not specify any specific penalties or exemptions.
Whom does it apply to?
Persons not in possession of an instrument seeking to enforce it
What does it govern?
Enforcement of lost, destroyed, or stolen instrument
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Iowa