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Code · Iowa · Chapter 554 — Uniform Commercial Code

554.3306 Claims to an instrument.

80 words·~1 min read·/ia/chapter-554-uniform-commercial-code/554-3306

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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
Referred to in §554.3302, 554.3305, 554.3602
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