This legal document defines and explains the concept of endorsement in the context of negotiable instruments. An endorsement refers to a signature, other than that of the maker, drawer, or acceptor, made on an instrument for the purpose of negotiating the instrument, restricting payment, or incurring liability. The document clarifies that a signature and its accompanying words are considered an endorsement, unless there are unambiguous indications that the signature was made for a purpose other than endorsement.

This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, governs the different types of endorsements on negotiable instruments. It defines and explains three types of endorsements: special endorsement, blank endorsement, and anomalous endorsement. A special endorsement is made by the holder of an instrument and identifies a specific person to whom the instrument is payable. It can only be negotiated by the endorsement of that person.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the concept of restrictive endorsement. It provides several rules regarding the effectiveness and impact of endorsements on the transfer and negotiation of instruments. The document states that an endorsement limiting payment or stating a condition does not prevent further transfer or enforcement of the instrument. It also outlines the consequences for different parties involved in the purchase, collection, or payment of an instrument with specific endorsements.

Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel endorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An endorser whose endorsement is canceled is discharged, and the discharge is effective against any subsequent holder.

Repealed by 94 Acts, ch 1167, 121, 122.See 554.3207.

Person entitled to enforce an instrument means the holder of the instrument, a nonholder in possession of the instrument who has the rights of a holder, or a person not in possession of the instrument who is entitled to enforce the instrument pursuant to section 554.3309 or 554.3418, subsection 4. A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.

This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, defines the concept of a ‘holder in due course’. A holder in due course refers to a person who holds an instrument, such as a negotiable instrument, without any apparent evidence of forgery, alteration, or irregularity that questions its authenticity. The holder must have taken the instrument for value, in good faith, and without notice of any issues related to the instrument, such as being overdue, dishonored, containing unauthorized signatures, or altered.

This legal document, found in the Iowa Code under the Uniform Commercial Code, pertains to the issuance or transfer of instruments for value and consideration. It outlines the various scenarios in which an instrument can be considered issued or transferred for value, such as promises of performance, acquisition of security interests, payment of antecedent claims, exchange for negotiable instruments, or incurring irrevocable obligations. The document also defines ‘consideration’ as any consideration sufficient to support a simple contract and provides defenses for instruments issued without consideration.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the concept of overdue instruments. An instrument payable on demand becomes overdue under certain circumstances, such as the day after demand for payment is duly made, ninety days after the date for checks, or after an unreasonably long period for non-check instruments. For instruments payable at a definite time, different rules apply depending on whether the principal is payable in installments or not, and whether the due date has been accelerated.

This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, discusses the defenses and claims in recoupment related to the enforcement of obligations for instruments. It outlines the rights and defenses available to obligors, including defenses based on infancy, duress, lack of legal capacity, illegality of the transaction, fraud, and discharge in insolvency proceedings. The document also allows for claims in recoupment by the obligor against the original payee of the instrument, but limits the assertion of such claims against transferees.