556.2B Checks, drafts, and similar instruments issued or certified by banking and financial organizations. 1. Any sum payable on a check, draft, or similar instrument, except those subject to section 556.2A, on which a banking or financial organization is directly liable, includinga cashier’s check and a certified check, which has been outstanding for more than threeyears after it was payable or after its issuance if payable on demand, is deemed abandoned,unless the owner, within three years, has communicated in writing with the banking orfinancial organization concerning it or otherwise indicated an interest as evidenced by amemorandum or other record on file prepared by an employee of the banking or financialorganization. 2. A holder shall not deduct from the amount of any instrument subject to this section any charge imposed by reason of the failure to present the instrument for payment unless there isa valid and enforceable written contract between the holder and the owner of the instrumentpursuant to which the holder may impose a charge and the holder regularly imposes suchcharges and does not regularly reverse or otherwise cancel them. etween the holder and the owner of the instrumentpursuant to which the holder may impose a charge and the holder regularly imposes suchcharges and does not regularly reverse or otherwise cancel them. 96 Acts, ch 1173, §5 Sat Dec 23 11:04:22 2023 Iowa Code 2024, Section 556.2B (16, 0)
Iowa Legal Code