§ 554.7203 — Liability for nonreceipt or misdescription

Iowa § 554.7203

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

Text

A party to or purchaser for value in good faith of a document of title, other than a bill of
lading, that relies upon the description of the goods in the document may recover from the
issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent
that:
1. the document conspicuously indicates that the issuer does not know whether all or part
of the goods in fact were received or conform to the description, such as the case in which
the description is in terms of marks or labels or kind, quantity, or condition, or the receipt or
description is qualified by “contents, condition, and quality unknown”, “said to contain”, or
words of similar import, if the indication is true; or
2. the party or purchaser otherwise has notice of the nonreceipt or misdescription.

Legislative History

[S13, §3138-a20; C24, 27, 31, 35, 39, §9680; C46, 50, 54, 58, 62, §542.20; C66, 71, 73, 75, 77, 79, 81, §554.7203]