This section of the Iowa Code, specifically under the Uniform Commercial Code, addresses the issue of impostors and fictitious payees in relation to instruments. It states that if an impostor induces the issuer of an instrument to issue it to the impostor or a person acting with the impostor by impersonating the payee or an authorized person, an endorsement of the instrument by any person in the name of the payee is effective as the endorsement of the payee in favor of a person who pays the instrument or takes it in good faith.

This section of the Iowa Code, specifically under the Uniform Commercial Code, addresses the responsibility of employers for fraudulent endorsement by their employees. The definition of ’employee’ includes independent contractors and employees of independent contractors retained by the employer. ‘Fraudulent endorsement’ is defined as a forged endorsement purporting to be that of the employer or the person identified as payee. ‘Responsibility’ with respect to instruments includes various authorities related to signing, endorsing, processing, preparing, and controlling instruments on behalf of the employer.

This legal provision, found in the Iowa Code under the Uniform Commercial Code, addresses the issue of negligence contributing to the alteration of an instrument or the making of a forged signature on an instrument. According to this provision, a person who fails to exercise ordinary care and substantially contributes to such alteration or forgery cannot assert it against a person who, in good faith, pays the instrument or takes it for value or collection.

This legal document, part of the Iowa Code’s Uniform Commercial Code, defines and regulates the concept of ‘alteration’ in commercial transactions. An alteration refers to any unauthorized change in an instrument that modifies the obligation of a party or adds unauthorized words, numbers, or changes to an incomplete instrument. The document states that a fraudulently made alteration discharges a party whose obligation is affected, unless that party assents or is precluded from asserting the alteration.

A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it. 94 Acts, ch 1167, 55, 121, 122

This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the acceptance of drafts and certified checks. It defines acceptance as the drawee’s signed agreement to pay a draft, which can be made at any time and becomes effective upon notification or delivery. The document also states that a draft may be accepted even if it is incomplete, overdue, or dishonored. Additionally, it explains that a certified check is a check accepted by the bank on which it is drawn, and acceptance can be indicated by the drawee’s signature or a writing on the check.

1.If the terms of a drawees acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. 2.The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.

This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the refusal to pay cashiers checks, tellers checks, and certified checks. The term ‘obligated bank’ refers to the acceptor of a certified check or the issuer of a cashiers check or tellers check bought from the issuer. If an obligated bank wrongfully refuses to pay a cashiers check or certified check, stops payment of a tellers check, or refuses to pay a dishonored tellers check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment.

The issuer of a note or cashiers check or other draft drawn on the drawer is obliged to pay the instrument according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in sections 554.3115 and 554.3407. The obligation is owed to a person entitled to enforce the instrument or to an endorser who paid the instrument under section 554.

This legal document, found in the Iowa Code under the Uniform Commercial Code, governs the obligation of the acceptor of a draft. The acceptor is obliged to pay the draft according to its terms at the time it was accepted. This obligation applies even if the acceptance states that the draft is payable ‘as originally drawn’ or equivalent terms, as long as the acceptance varies the terms of the draft according to the terms of the draft as varied.