Iowa Code 539.3 – Assignment of open account
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Terms Used In Iowa Code 539.3
- Contract: A legal written agreement that becomes binding when signed.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
539.3 Assignment of open account.
An open account of sums of money due on contract may be assigned. The assignee,
including a person who takes assignment for collection in the regular course of business, has a right of action on the account in the assignee’s own name, subject to the defenses and counterclaims allowed against the instruments mentioned in § 539.2, before notice of the assignment is given to the debtor in writing by the assignee. In case of conflict, uniform commercial code, § 554.9404 or 554.9405, controls.
[C51, §952; R60, §1799; C73, §2087; C97, §3047; S13, §3047; C24, 27, 31, 35, 39, §9453; C46,
50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §539.3; 82 Acts, ch 1235, §2]
2000 Acts, ch 1149, §174, 187
Related provision, R.C.P. 1.205
An open account of sums of money due on contract may be assigned. The assignee,
including a person who takes assignment for collection in the regular course of business, has a right of action on the account in the assignee’s own name, subject to the defenses and counterclaims allowed against the instruments mentioned in § 539.2, before notice of the assignment is given to the debtor in writing by the assignee. In case of conflict, uniform commercial code, § 554.9404 or 554.9405, controls.
[C51, §952; R60, §1799; C73, §2087; C97, §3047; S13, §3047; C24, 27, 31, 35, 39, §9453; C46,
50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §539.3; 82 Acts, ch 1235, §2]
2000 Acts, ch 1149, §174, 187
Related provision, R.C.P. 1.205