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Can you summarize IACO 554.3409?
UNIFORM COMMERCIAL CODE > Acceptance of draft certified check.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the acceptance of drafts and certified checks. It defines acceptance as the drawee’s signed agreement to pay a draft, which can be made at any time and becomes effective upon notification or delivery. The document also states that a draft may be accepted even if it is incomplete, overdue, or dishonored. Additionally, it explains that a certified check is a check accepted by the bank on which it is drawn, and acceptance can be indicated by the drawee’s signature or a writing on the check. The document clarifies that the drawee has no obligation to certify the check, and refusal to certify does not constitute dishonor. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Drawees and holders of drafts and certified checks
What does it govern?
Acceptance of draft certified check
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Iowa