Ask Reggi Your Question Now
Can you summarize IACO 554.4104?
UNIFORM COMMERCIAL CODE > Definitions and index of definitions.
Short Summary
This legal document provides definitions for various terms used in the Uniform Commercial Code (UCC) Article 4, which governs the handling, collection, and payment of instruments or orders to pay money. It defines terms such as ‘account,’ ‘banking day,’ ‘customer,’ ‘draft,’ ‘item,’ ‘settle,’ and more. The document also references definitions from other sections and articles of the UCC that apply to Article 4. It applies to banks, customers, drawees, and other parties involved in these transactions. No exemptions or penalties are specified in this document.
Whom does it apply to?
This legal document applies to banks, customers, drawees, and other parties involved in the handling, collection, and payment of instruments or orders to pay money.
What does it govern?
This legal document governs various definitions and terms used in the Uniform Commercial Code (UCC) Article 4. It provides precise definitions for terms such as 'account,' 'afternoon,' 'banking day,' 'clearing house,' 'customer,' 'documentary draft,' 'draft,' 'drawee,' 'item,' 'midnight deadline,' 'settle,' and 'suspends payments.' It also references definitions from other sections and articles of the UCC that apply to Article 4.
What are exemptions?
No exemptions or exceptions are mentioned in this legal document.
What are the Penalties?
No penalties are specified in this legal document.
Jurisdiction
Iowa