Iowa Code » Chapter 554 — UNIFORM COMMERCIAL CODE
Iowa Code

Iowa Code § 554.1204 (2026)

Value

✓ current as of July 2026
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Except as otherwise provided in Articles 3, 4, 5, and 14, a person gives value for rights if the person acquires them:

1. in return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for in the event of difficulties in collection;

2. as security for, or in total or partial satisfaction of, a preexisting claim;

3. by accepting delivery under a preexisting contract for purchase; or

4. in return for any consideration sufficient to support a simple contract. 2007 Acts, ch 41, §16, 57; 2022 Acts, ch 1117, §12 \n

Notes of Decisions
Cited in 4 cases, 1975–2010 · leading case: Midwest Hatchery & Poultry Farms, Inc. v. Doorenbos Poultry, Inc., 783 N.W.2d 56 (Iowa Ct. App. 2010).
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Midwest Hatchery & Poultry Farms, Inc. v. Doorenbos Poultry, Inc., 783 N.W.2d 56 (Iowa Ct. App. 2010). “§ 554.1204(1) ("Whenever this chapter requires any action to be taken within a reasonable time, any time which is not manifestly unreasonably may be fixed by agreement.”
Whewell v. Dobson, 227 N.W.2d 115 (Iowa 1975). · cites it 2× “” “ * * * What is such a reasonable time depends upon the nature of the goods, the condition of the market and the other circumstances of the ease; its length cannot be measured by any legal yardstick or divided into degrees.”
St. Ansgar Mills, Inc. v. Streit, 613 N.W.2d 289 (Iowa 2000). “§ 554.1204(2). Additionally, the declared purpose of the Uniform Commercial Code is to permit the expansion of commercial practices through the custom and practice of the parties.”
Badgett Constr. & Dev. Co. v. Kan-Build, Inc., 102 F. Supp. 2d 1098 (S.D. Iowa 2000). · cites it 2× “In the Court’s judgment the temporal limitation raises a question under the U.”
Iowa Code § 554.1204(1): 1 case
Midwest Hatchery & Poultry Farms, Inc. v. Doorenbos Poultry, Inc., 783 N.W.2d 56 (Iowa Ct. App. 2010). “§ 554.1204(1) ("Whenever this chapter requires any action to be taken within a reasonable time, any time which is not manifestly unreasonably may be fixed by agreement.”
Iowa Code § 554.1204(2): 2 cases
Whewell v. Dobson, 227 N.W.2d 115 (Iowa 1975). “” “ * * * What is such a reasonable time depends upon the nature of the goods, the condition of the market and the other circumstances of the ease; its length cannot be measured by any legal yardstick or divided into degrees.”
St. Ansgar Mills, Inc. v. Streit, 613 N.W.2d 289 (Iowa 2000). “§ 554.1204(2). Additionally, the declared purpose of the Uniform Commercial Code is to permit the expansion of commercial practices through the custom and practice of the parties.”
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