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Can you summarize IACO 554.3501?
UNIFORM COMMERCIAL CODE > Presentment.
Short Summary
This legal document defines and explains the concept of ‘Presentment’ in the context of the Uniform Commercial Code (UCC) under the Iowa Code. Presentment refers to a demand made by or on behalf of a person entitled to enforce an instrument, such as a check or a promissory note. The demand can be made to the drawee or a party obliged to pay the instrument, or to a bank in the case of a note or accepted draft payable at a bank. The document outlines the rules related to presentment, including the place of presentment, the means of making presentment, and the effectiveness of presentment. It also specifies the requirements for the person making presentment, such as exhibiting the instrument, providing identification and evidence of authority if presentment is made on behalf of another person, and signing a receipt or surrendering the instrument upon payment. The document further explains that the party to whom presentment is made may return the instrument for lack of necessary endorsement, refuse payment or acceptance for non-compliance with the terms of the instrument or applicable law, and treat presentment as occurring on the next business day if a cut-off hour is established. Overall, this legal document provides a comprehensive understanding of the concept and rules surrounding presentment in commercial transactions governed by the UCC in Iowa.
Whom does it apply to?
Persons entitled to enforce an instrument, drawees, makers, acceptors, and other payors
What does it govern?
Presentment
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa