Iowa Code 554.3410 – Acceptance varying draft
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Terms Used In Iowa Code 554.3410
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
554.3410 Acceptance varying draft.
1. If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the
holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance.
2. The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.
3. If the holder assents to an acceptance varying the terms of a draft, the obligation of each drawer and endorser that does not expressly assent to the acceptance is discharged.
94 Acts, ch 1167, §57, 121, 122
1. If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the
holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance.
2. The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.
3. If the holder assents to an acceptance varying the terms of a draft, the obligation of each drawer and endorser that does not expressly assent to the acceptance is discharged.
94 Acts, ch 1167, §57, 121, 122