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Can you summarize IACO 554.3408?

UNIFORM COMMERCIAL CODE > Drawee not liable on unaccepted draft.

Short Summary

A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it. 94 Acts, ch 1167, 55, 121, 122

Jurisdiction

Iowa

Source
IACO 554.3408 [https://reggi.cloud.regology.com/regulations/US-IACO/US-IACO_T_XIII_C_554_S_3408]