This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the obligation of the drawer in relation to drafts. It applies to drawers of drafts, except for cashier’s checks or other drafts drawn on the drawer. If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time it was issued or when it first came into possession of a holder.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the obligation of an endorser in the case of a dishonored instrument. According to the document, an endorser is obliged to pay the amount due on the instrument as per its terms at the time of endorsement. This obligation is owed to a person entitled to enforce the instrument or a subsequent endorser who paid the instrument.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs transfer warranties for instruments. It states that a person who transfers an instrument for consideration warrants to the transferee and subsequent transferees that they are entitled to enforce the instrument, all signatures on the instrument are authentic and authorized, the instrument has not been altered, and the instrument is not subject to any defense or claim in recoupment. The warrantor also warrants that they have no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor, and if the instrument is a demand draft, its creation was authorized by the identified drawer.

This legal document, found in the Iowa Code under the Uniform Commercial Code, governs presentment warranties in commercial transactions. It outlines the obligations and warranties of the person obtaining payment or acceptance of an unaccepted draft, as well as previous transferors of the draft. The document specifies that the warrantor must warrant to the drawee that they are entitled to enforce the draft, the draft has not been altered, they have no knowledge of unauthorized signatures, and the creation of a demand draft was authorized by the drawer.

This legal provision, found in the Iowa Code under the Uniform Commercial Code, governs the payment or acceptance of drafts and instruments made by mistake. It states that if a drawee pays or accepts a draft under the mistaken belief that payment had not been stopped or that the drawer’s signature was authorized, the drawee may recover the amount from the person who received the payment or, in the case of acceptance, may revoke the acceptance.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to instruments signed for accommodation. It outlines the conditions under which an accommodation party signs an instrument for the benefit of another party. An accommodation party may sign the instrument as a maker, drawer, acceptor, or endorser and is obligated to pay the instrument in the capacity in which they sign. The obligation of an accommodation party can be enforced regardless of any statute of frauds or whether they receive consideration for the accommodation.

This legal document pertains to the conversion of instruments. It states that the law applicable to the conversion of personal property also applies to instruments. An instrument is considered converted if it is taken by transfer from a person not entitled to enforce the instrument or if a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment. However, the issuer or acceptor of the instrument, as well as a payee or endorsee who did not receive delivery of the instrument, cannot bring an action for conversion.

This legal document defines and explains the concept of ‘Presentment’ in the context of the Uniform Commercial Code (UCC) under the Iowa Code. Presentment refers to a demand made by or on behalf of a person entitled to enforce an instrument, such as a check or a promissory note. The demand can be made to the drawee or a party obliged to pay the instrument, or to a bank in the case of a note or accepted draft payable at a bank.

This legal document governs the dishonor of notes, unaccepted drafts, and accepted drafts. It provides rules for determining when a note or draft is considered dishonored. For notes payable on demand, dishonor occurs if presentment is made to the maker and the note is not paid on the day of presentment. For notes not payable on demand, dishonor occurs if presentment is made and the note is not paid on the day it becomes payable or the day of presentment, whichever is later.

This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, pertains to the obligation of an endorser and drawer and the requirement of notice of dishonor. It states that the obligation of an endorser or drawer cannot be enforced unless they are given notice of dishonor complying with the provisions of this section, or if notice of dishonor is excused under section 554.3504, subsection 2. Notice of dishonor can be given by any person through various means, such as oral, written, or electronic communication, as long as it reasonably identifies the instrument and indicates that it has been dishonored or not paid or accepted.