§ 554.3309 — Enforcement of lost, destroyed, or stolen instrument

Iowa § 554.3309

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

1. A person not in possession of an instrument is entitled to enforce the instrument if:
a. the person seeking to enforce the instrument:
(1) was entitled to enforce the instrument when loss of possession occurred, or
(2) hasdirectlyorindirectlyacquiredownershipoftheinstrumentfromapersonwhowas
entitled to the instrument when loss of possession occurred;
b. the loss of possession was not the result of a transfer by the person or a lawful seizure;
and
c. the person cannot reasonably obtain possession of the instrument because the
instrument was destroyed, its whereabouts cannot be determined, or it is in the wrongful
possession of an unknown person or a person that cannot be found or is not amenable to
service of process.
2. A person seeking enforcement of an instrument under subsection 1 must prove the
termsoftheinstrumentandtheperson’srighttoenforcetheinstrument. Ifthatproofismade,
section 554.3308 applies to the case as if the person seeking enforcement had produced the
instrument. The court may not enter judgment in favor of the person seeking enforcement
unless it finds that the person required to pay the instrument is adequately protected against
loss that might occur by reason of a claim by another person to enforce the instrument.
Adequate protection may be provided by any reasonable means.