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Can you summarize IACO 554.3505?
UNIFORM COMMERCIAL CODE > Evidence of dishonor.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the evidence of dishonor of negotiable instruments. It outlines the admissible evidence that creates a presumption of dishonor and notice of dishonor. The document specifies that a document regular in form, a stamp or writing of the drawee, payor bank, or presenting bank refusing acceptance or payment, and a book or record of the drawee, payor bank, or collecting bank showing dishonor are all admissible as evidence. Additionally, it defines a protest as a certificate of dishonor made by authorized individuals and provides the requirements for a valid protest. The document does not mention any specific penalties or exemptions. Overall, it establishes the evidentiary standards and procedures related to dishonor of negotiable instruments.
Whom does it apply to?
Parties involved in negotiable instruments
What does it govern?
Dishonor of negotiable instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Iowa