Iowa Code 554.1103 – Construction of this chapter to promote its purposes and policies — applicability of supplemental principles of law
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Terms Used In Iowa Code 554.1103
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Fraud: Intentional deception resulting in injury to another.
554.1103 Construction of this chapter to promote its purposes and policies —
applicability of supplemental principles of law.
1. This chapter must be liberally construed and applied to promote its underlying
purposes and policies, which are:
a. to simplify, clarify, and modernize the law governing commercial transactions;
b. to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties; and
c. to make uniform the law among the various jurisdictions.
2. Unless displaced by the particular provisions of this chapter, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and other validating or invalidating cause supplement its provisions.
[S13, §3060-a196, 3138-a56, -b50; C24, 27, 31, 35, 39, §8295, 9657, 9716, 9931, 10002; C46,
§487.52, 541.197, 542.56, 554.2, 554.74; C50, 54, 58, 62, §487.52, 493A.18, 541.197, 542.56,
554.2, 554.74; C66, 71, 73, 75, 77, 79, 81, §554.1103]
2007 Acts, ch 41, §3
applicability of supplemental principles of law.
1. This chapter must be liberally construed and applied to promote its underlying
purposes and policies, which are:
a. to simplify, clarify, and modernize the law governing commercial transactions;
b. to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties; and
c. to make uniform the law among the various jurisdictions.
2. Unless displaced by the particular provisions of this chapter, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, and other validating or invalidating cause supplement its provisions.
[S13, §3060-a196, 3138-a56, -b50; C24, 27, 31, 35, 39, §8295, 9657, 9716, 9931, 10002; C46,
§487.52, 541.197, 542.56, 554.2, 554.74; C50, 54, 58, 62, §487.52, 493A.18, 541.197, 542.56,
554.2, 554.74; C66, 71, 73, 75, 77, 79, 81, §554.1103]
2007 Acts, ch 41, §3