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House Journal: Page 1526: Wednesday, April 10, 1996

 8 of the Uniform Commercial Code, and providing conforming
changes, and an effective date, previously deferred and placed
on the unfinished business calendar.
Nutt of Woodbury offered the following amendment H-5410 filed by
him and moved its adoption:

H-5410

 1     Amend House File 2475 as follows:
 2     1.  Page 1, by inserting before line 1, the
 3   following:
 4     "Section 1.  Section 511.8, subsection 21,
 5   paragraph a, subparagraph (1), Code 1995, is amended
 6   to read as follows:
 7     (1)  "Clearing corporation" means a corporation as
 8   defined in section 554.8102, subsection 3.
 9     Sec. ___.  Section 515.35, subsection 2, paragraphs
10   b and c, Code 1995, are amended to read as follows:
11     b.  "Clearing corporation" means as defined in
12   section 554.8102, subsection 3.
13     c.  "Custodian bank" means as defined in section
14   554.8102, subsection 4 a bank or trust company that
is
15   supervised and examined by state or federal authority
16   having supervision over banks and is acting as
17   custodian for a clearing corporation.
18     Sec. ___.  Section 518.14, subsection 2, paragraph
19   c, Code Supplement 1995, is amended to read as
20   follows:
21     c.  "Custodian bank" means as defined in section
22   554.8102 515.35.
23     Sec. ___.  Section 518A.12, subsection 2, paragraph
24   c, Code Supplement 1995, is amended to read as
25   follows:
26     c.  "Custodian bank" means as defined in section
27   554.8102 515.35."
28     2.  Page 2, by inserting after line 6 the
29   following:
30     "Sec. ___.  Section 554.5114, subsection 2,
31   paragraph a, Code 1995, is amended to read as follows:
32     a.  the issuer must honor the draft or demand for
33   payment if honor is demanded by a negotiating bank or
34   other holder of the draft or demand which has taken
35   the draft or demand under the credit and under
36   circumstances which would make it a holder in due
37   course (section 554.3302) and in an appropriate case
38   would make it a person to whom a document of title has
39   been duly negotiated (section 554.7502) or a bona fide
40   purchaser of a certificated or uncertificated security
41   who acquires rights in a security (section 554.8302);
42   and".
43     3.  Page 11, line 11, by striking the word "State"
44   and inserting the following:  "state".

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 2)

© 1996 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Thu Apr 11 13:30:03 CDT 1996
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