Claims to an instrument
Known as the Uniform Commercial Code
The act spans §§ 554–554 (631 sections).
Applied in 1 court decision — leading case Agrifund, LLC v. Heartland Co-op (2021)
Most recently applied in Agrifund, LLC v. Heartland Co-op (August 2021)
A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.
94 Acts, ch 1167, §41, 121, 122
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.