554.3415 Obligation of endorser. 1. Subject to subsections 2, 3, and 4 and to section 554.3419, subsection 4, if an instrument is dishonored, an endorser is obliged to pay the amount due on the instrument accordingto the terms of the instrument at the time it was endorsed, or if the endorser endorsed anincomplete instrument, according to its terms when completed, to the extent stated in sections554.3115 and 554.3407. The obligation of the endorser is owed to a person entitled to enforcethe instrument or to a subsequent endorser who paid the instrument under this section. 2. If an endorsement states that it is made 'without recourse' or otherwise disclaims liability of the endorser, the endorser is not liable under subsection 1 to pay the instrument. 3. If notice of dishonor of an instrument is required by section 554.3503 and notice of dishonor complying with that section is not given to an endorser, the liability of the endorserunder subsection 1 is discharged. 4. If a draft is accepted by a bank after an endorsement is made, the liability of the endorser under subsection 1 is discharged. 5. er, the liability of the endorserunder subsection 1 is discharged. 4. If a draft is accepted by a bank after an endorsement is made, the liability of the endorser under subsection 1 is discharged. 5. If an endorser of a check is liable under subsection 1 and the check is not presented for payment, or given to a depositary bank for collection, within thirty days after the day theendorsement was made, the liability of the endorser under subsection 1 is discharged. 94 Acts, ch 1167, §62, 121, 122; 2013 Acts, ch 30, §261Referred to in §554.3412, 554.3413, 554.3414, 554.3503, 554.5108 Sat Dec 23 01:56:59 2023 Iowa Code 2024, Section 554.3415 (27, 0)
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