523G.7 Negotiable instruments.
65 words·~1 min read·
/ia/chapter-523g-invention-development-services/523g-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An invention developer shall not take a negotiable instrument from a customer as part of a contract, unless the negotiable instrument is a check constituting evidence of the customer’s obligation. A person in possession of a negotiable instrument is not a holder in due course as defined in section 554.3302, if the person takes a negotiable instrument from a customer in violation of this section.