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Can you summarize IACO 554.3504?
UNIFORM COMMERCIAL CODE > Excused presentment and notice of dishonor.
Short Summary
This legal document, found in the Iowa Code under the Uniform Commercial Code, governs the excusal of presentment for payment or acceptance of an instrument, as well as the excusal of notice of dishonor. Presentment for payment or acceptance may be excused in various circumstances, such as when reasonable diligence cannot be exercised, the maker or acceptor has repudiated the obligation, or the terms of the instrument do not require presentment. Notice of dishonor may be excused if it is not necessary to enforce the obligation or if the party whose obligation is being enforced waived notice. Delay in giving notice of dishonor may also be excused under certain circumstances. The document does not specify any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Parties involved in the payment or acceptance of an instrument
What does it govern?
Excused presentment and notice of dishonor
What are exemptions?
Exemptions include situations where presentment is not necessary to enforce the obligation of endorsers or the drawer, or when the party whose obligation is being enforced waived notice of dishonor
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Iowa