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Can you summarize IACO 554.4212?
UNIFORM COMMERCIAL CODE > Presentment by notice of item not payable by, through, or at a bank; liability of drawer or endorser.
Short Summary
This legal document governs the presentment of items that are not payable by, through, or at a bank. It allows a collecting bank to present such items by sending a written notice to the party to accept or pay. The notice must be sent in a timely manner and the bank must meet any requirements of the party to accept or pay. If presentment is made by notice and payment, acceptance, or request for compliance is not received by the specified time, the presenting bank may treat the item as dishonored and charge any drawer or endorser by sending them notice of the facts. This document falls under the Iowa Code, specifically the Uniform Commercial Code.
Whom does it apply to?
Collecting banks, parties to accept or pay
What does it govern?
Presentment of items not payable by, through, or at a bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa