554.7204 Duty of care — contractual limitation of warehouse’s liability. 1. A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person wouldexercise under similar circumstances. Unless otherwise agreed, the warehouse is not liablefor damages that could not have been avoided by the exercise of that care. 2. Damages may be limited by a term in the warehouse receipt or storage agreement limiting the amount of liability in case of loss or damage beyond which the warehouse isnot liable. Such a limitation is not effective with respect to the warehouse’s liability forconversion to its own use. On request of the bailor in a record at the time of signing thestorage agreement or within a reasonable time after receipt of the warehouse receipt, thewarehouse’s liability may be increased on part or all of the goods covered by the storageagreement or the warehouse receipt. In this event, increased rates may be charged based onan increased valuation of the goods. 3. Reasonable provisions as to the time and manner of presenting claims and commencing actions based on the bailment may be increased rates may be charged based onan increased valuation of the goods. 3. Reasonable provisions as to the time and manner of presenting claims and commencing actions based on the bailment may be included in the warehouse receipt or storage agreement. 4. This section does not modify or repeal any provision under chapter 203, 203C, or 203D.[S13, §3138-a3, -a21, -a24; C24, 27, 31, 35, 39, §9663, 9681, 9684; C46, 50, 54, 58, 62, §542.3, 542.21, 542.24; C66, 71, 73, 75, 77, 79, 81, §554.7204] 2007 Acts, ch 30, §10, 45, 46Referred to in §203C.18, 554.7202 Sat Dec 23 01:57:49 2023 Iowa Code 2024, Section 554.7204 (24, 0)
Iowa Legal Code