Iowa General Assembly Banner

554.5110 Availability of credit in portions---presenter's reservation of lien or claim.

1. Unless otherwise specified a credit may be used in portions in the discretion of the beneficiary.

2. Unless otherwise specified a person by presenting a documentary draft or demand for payment under a credit relinquishes upon its honor all claims to the documents and a person by transferring such draft or demand or causing such presentment authorizes such relinquishment. An explicit reservation of claim makes the draft or demand noncomplying.

Section History: Early form

[C66, 71, 73, 75, 77, 79, 81, § 554.5110]

Return To Home Iowa General Assembly

index Search: Iowa Code 1995

© 1996 Cornell College and League of Women Voters of Iowa

Comments? webmaster@legis.iowa.gov.

Last update: Thu Feb 8 18:14:51 CST 1996
URL: /IACODE/1995/554/5110.html
jhf