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Can you summarize IACO 554.12103?
UNIFORM COMMERCIAL CODE > Payment order definitions.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, defines and governs payment orders. A payment order is an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions other than the time of payment, and the receiving bank is reimbursed by debiting the sender’s account or receiving payment from the sender. The payment order can be transmitted orally, electronically, or in writing, directly to the receiving bank or through an agent, funds-transfer system, or communication system. Each payment order instructing multiple payments to a beneficiary is considered a separate payment order. The document also defines the terms ‘beneficiary,’ ‘beneficiary’s bank,’ ‘receiving bank,’ and ‘sender.’
Whom does it apply to?
Senders, receiving banks, and beneficiaries
What does it govern?
Payment orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Iowa