When bank gives value for purposes of holder in due course
Known as the Uniform Commercial Code
The act spans §§ 554–554 (631 sections).
[S13, §3060-a27; C24, 27, 31, 35, 39, §9487; C46, 50, 54, 58, 62, §541.27; C66, 71, 73, 75, 77, 79, 81, §554.4209]
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 554.3302 on what constitutes a holder in due course.
94 Acts, ch 1167, §96, 120, 122
C95, §554.4211
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.