Can you summarize IACO 554.3412?

Short Summary

The issuer of a note or cashiers check or other draft drawn on the drawer is obliged to pay the instrument according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in sections 554.3115 and 554.3407. The obligation is owed to a person entitled to enforce the instrument or to an endorser who paid the instrument under section 554.3415. 94 Acts, ch 1167, 59, 121, 122; 2013 Acts, ch 30, 261

Jurisdiction

Iowa

Source

• Banking