§ 554.3501 — Presentment

Iowa § 554.3501

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

Text

1. “Presentment” means a demand made by or on behalf of a person entitled to enforce
an instrument:
a. to pay the instrument made to the drawee or a party obliged to pay the instrument or,
in the case of a note or accepted draft payable at a bank, to the bank; or
b. to accept a draft made to the drawee.
2. ThefollowingrulesaresubjecttoArticle4,agreementoftheparties,andclearing-house
rules and the like:
a. Presentment may be made at the place of payment of the instrument and must be made
at the place of payment if the instrument is payable at a bank in the United States; may
be made by any commercially reasonable means, including an oral, written, or electronic
communication; is effective when the demand for payment or acceptance is received by the
person to whom presentment is made; and is effective if made to any one of two or more
makers, acceptors, drawees, or other payors.
b. Upon demand of the person to whom presentment is made, the person making
presentment must exhibit the instrument; give reasonable identification and, if presentment
is made on behalf of another person, reasonable evidence of authority to do so; and sign a
receipt on the instrument for any payment made or surrender the instrument if full payment
is made.
c. Without dishonoring the instrument, the party to whom presentment is made may
return the instrument for lack of a necessary endorsement, or refuse payment or acceptance
for failure of the presentment to comply with the terms of the instrument, an agreement of
the parties, or other applicable law or rule.
d. The party to whom presentment is made may treat presentment as occurring on the
next business day after the day of presentment if the party to whom presentment is made
has established a cut-off hour not earlier than 2:00 p.m. for the receipt and processing of
instruments presented for payment or acceptance and presentment is made after the cut-off
hour.