Iowa Code 554.2511 – Tender of payment by buyer — payment by check
Current as of: 2023 | Check for updates
|
Other versions
1. Unless otherwise agreed tender of payment is a condition to the seller’s duty to tender and complete any delivery.
Terms Used In Iowa Code 554.2511
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
2. Tender of payment is sufficient when made by any means or in any manner current in the ordinary course of business unless the seller demands payment in legal tender and gives any extension of time reasonably necessary to procure it.
3. Subject to the provisions of this chapter on the effect of an instrument on an obligation (section 554.3310), payment by check is conditional and is defeated as between the parties by dishonor of the check on due presentment.