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Can you summarize IACO 554.3312?
UNIFORM COMMERCIAL CODE > Lost, destroyed, or stolen cashiers check, tellers check, or certified check.
Short Summary
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the procedures and rights related to lost, destroyed, or stolen cashier’s checks, teller’s checks, or certified checks. It defines key terms such as ‘check’, ‘claimant’, and ‘declaration of loss’. A claimant can assert a claim to the amount of a check by communicating with the obligated bank, providing a declaration of loss, and reasonable identification if requested. The claim becomes enforceable after a certain period of time, and until then, the obligated bank may still pay the check. Once the claim becomes enforceable, the obligated bank becomes obliged to pay the amount of the check to the claimant if payment has not been made to a person entitled to enforce the check. If the check is presented for payment by a person having rights of a holder in due course, the claimant is obliged to refund the payment to the obligated bank if the check is paid, or pay the amount of the check to the person having rights of a holder in due course if the check is dishonored. Additionally, if a claimant has the right to assert a claim and is also a person entitled to enforce a lost, destroyed, or stolen cashier’s check, teller’s check, or certified check, they may assert rights under this section or another section of the Iowa Code.
Whom does it apply to?
Claimants who have lost, destroyed, or had their cashier's check, teller's check, or certified check stolen
What does it govern?
Lost, destroyed, or stolen cashiers check, tellers check, or certified check
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Iowa