GroundRules
Iowa Code § 554.3408: Drawee not liable on unaccepted draft.
Where this section sits in the code
- Title XIII - COMMERCE (Ch. 505 - 554I)
- Chapter 554 - UNIFORM COMMERCIAL CODE
- Article 3 - NEGOTIABLE INSTRUMENTS
- Part 4 - LIABILITY OF PARTIES
A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.
Collected 2026-09-14T19:40:15Z. Source file · JSON