554.3503 Notice of dishonor. 1. The obligation of an endorser stated in section 554.3415, subsection 1, and the obligation of a drawer stated in section 554.3414, subsection 4, may not be enforced unlessthe endorser or drawer is given notice of dishonor of the instrument complying with thissection or notice of dishonor is excused under section 554.3504, subsection 2. 2. Notice of dishonor may be given by any person; may be given by any commercially reasonable means, including an oral, written, or electronic communication; and is sufficient ifit reasonably identifies the instrument and indicates that the instrument has been dishonoredor has not been paid or accepted. Return of an instrument given to a bank for collection issufficient notice of dishonor. 3. Subject to section 554.3504, subsection 3, with respect to an instrument taken for collection by a collecting bank, notice of dishonor must be given by the bank before midnightof the next banking day following the banking day on which the bank receives notice ofdishonor of the instrument, or by any other person within thirty days following the day onwhich the person receives notice of dishonor. y following the banking day on which the bank receives notice ofdishonor of the instrument, or by any other person within thirty days following the day onwhich the person receives notice of dishonor. With respect to any other instrument, noticeof dishonor must be given within thirty days following the day on which dishonor occurs. 94 Acts, ch 1167, §70, 121, 122; 2013 Acts, ch 30, §261Referred to in §554.3415, 554.4104 Sat Dec 23 01:57:03 2023 Iowa Code 2024, Section 554.3503 (25, 0)
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