554.3504 Excused presentment and notice of dishonor. 1. Presentment for payment or acceptance of an instrument is excused if the person entitled to present the instrument cannot with reasonable diligence make presentment;the maker or acceptor has repudiated an obligation to pay the instrument or is dead or ininsolvency proceedings; by the terms of the instrument presentment is not necessary toenforce the obligation of endorsers or the drawer; the drawer or endorser whose obligationis being enforced has waived presentment or otherwise has no reason to expect or right torequire that the instrument be paid or accepted; or the drawer instructed the drawee not topay or accept the draft or the drawee was not obligated to the drawer to pay the draft. 2. Notice of dishonor is excused if by the terms of the instrument notice of dishonor is not necessary to enforce the obligation of a party to pay the instrument, or the party whoseobligation is being enforced waived notice of dishonor. A waiver of presentment is also awaiver of notice of dishonor. 3. Delay in giving notice of dishonor is excused if the delay was caused by circumstances beyond the control of the person giving the notice and of presentment is also awaiver of notice of dishonor. 3. Delay in giving notice of dishonor is excused if the delay was caused by circumstances beyond the control of the person giving the notice and the person giving the notice exercisedreasonable diligence after the cause of the delay ceased to operate. 94 Acts, ch 1167, §71, 121, 122; 2013 Acts, ch 30, §261; 2014 Acts, ch 1092, §123Referred to in §554.3502, 554.3503 Sat Dec 23 01:57:03 2023 Iowa Code 2024, Section 554.3504 (26, 0)
Iowa Legal Code