Iowa Code

Iowa Code § 554.3415 (2026)

Obligation of endorser

✓ current as of July 2026

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1. Subject to subsections 2, 3, and 4 and to section 554.3419, subsection 4, if an instrument is dishonored, an endorser is obliged to pay the amount due on the instrument according to the terms of the instrument at the time it was endorsed, or if the endorser endorsed an incomplete instrument, according to its terms when completed, to the extent stated in sections 554.3115 and 554.3407. The obligation of the endorser is owed to a person entitled to enforce the instrument or to a subsequent endorser who paid the instrument under this section.

2. If an endorsement states that it is made “without recourse” or otherwise disclaims liability of the endorser, the endorser is not liable under subsection 1 to pay the instrument.

3. If notice of dishonor of an instrument is required by section 554.3503 and notice of dishonor complying with that section is not given to an endorser, the liability of the endorser under subsection 1 is discharged.

4. If a draft is accepted by a bank after an endorsement is made, the liability of the endorser under subsection 1 is discharged.

5. If an endorser of a check is liable under subsection 1 and the check is not presented for payment, or given to a depositary bank for collection, within thirty days after the day the endorsement was made, the liability of the endorser under subsection 1 is discharged. 94 Acts, ch 1167, §62, 121, 122; 2013 Acts, ch 30, §261 Referred to in §554.3412, 554.3413, 554.3414, 554.3503, 554.5108 \n

Notes of Decisions

Cited in 4 cases, 1970–1991 · leading case: Cont'l Illinois Nat'l Bank & Trust Co. of Chicago v. Sec. State Bank, 182 N.W.2d 116 (Iowa 1970).

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Cont'l Illinois Nat'l Bank & Trust Co. of Chicago v. Sec. State Bank, 182 N.W.2d 116 (Iowa 1970). “See The Code 1966, Sections 554.3415, 554.3416; Farmers’ Loan & Trust Co.”

Farmers State Bank, Grafton v. Huebner, 475 N.W.2d 640 (Iowa Ct. App. 1991). · cites it 2× “Iowa Code § 554.3415 (1) (1991) defines an “accommodation party" as "one who signs the *642 instrument in any capacity for the purpose of lending that party's name to another party to it.”

L. H. Wagener, Inc. v. Kendall, 278 N.W.2d 18 (Iowa 1979). “29, The Code 1962, with § 554.3415, The Code 1977. See Peters, Suretyship Under Article 3 of the Uniform Commercial Code, 77 Yale L.”

Est. of Ripson v. Comm'r, 39 T.C.M. 224 (Tax Ct. 1979). “One claim against the corporation was not maintained against the estate since there was no personal guaranty involved.”

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