554.4212 Presentment by notice of item not payable by, through, or at a bank; liability of drawer or endorser. 1. Unless otherwise instructed, a collecting bank may present an item not payable by, through or at a bank by sending to the party to accept or pay a written notice that the bankholds the item for acceptance or payment. The notice must be sent in time to be received onor before the day when presentment is due and the bank must meet any requirement of theparty to accept or pay under section 554.3501 by the close of the bank’s next banking dayafter it knows of the requirement. 2. If presentment is made by notice and payment, acceptance, or request for compliance with a requirement under section 554.3501 is not received by the close of business on the dayafter maturity or, in the case of demand items, by the close of business on the third bankingday after notice was sent, the presenting bank may treat the item as dishonored and chargeany drawer or endorser by sending it notice of the facts. [C73, §2094; C97, §3053; S13, §3053; C24, 27, 31, 35, 39, §9545; C46, 50, 54, 58, 62, §541.85; C66, 71, 73, 75, 77, 79, 81, §554.4210] 94 Acts, ch 1167, §97, 120, 122C95, §554.421295 ce of the facts. [C73, §2094; C97, §3053; S13, §3053; C24, 27, 31, 35, 39, §9545; C46, 50, 54, 58, 62, §541.85; C66, 71, 73, 75, 77, 79, 81, §554.4210] 94 Acts, ch 1167, §97, 120, 122C95, §554.421295 Acts, ch 67, §43 Sat Dec 23 01:57:24 2023 Iowa Code 2024, Section 554.4212 (24, 0)
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