Iowa Code 554.3306 – Claims to an instrument
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 554.3306
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
554.3306 Claims to an instrument.
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
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