Section 554.3306 - Claims to an instrument.

IA Code § 554.3306 (2019) (N/A)
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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