Can you summarize IACO 554.12104?

Short Summary

In this Article unless the context otherwise requires: 1.Funds transfer means the series of transactions, beginning with the originators payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originators bank or an intermediary bank intended to carry out the originators payment order. A funds transfer is completed by acceptance by the beneficiarys bank of a payment order for the benefit of the beneficiary of the originators payment order. 2.Intermediary bank means a receiving bank other than the originators bank or the beneficiarys bank. 3.Originator means the sender of the first payment order in a funds transfer. 4.Originators bank means the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or the originator if the originator is a bank. 92 Acts, ch 1146, 4 Referred to in 554.12102, 554.12105

Jurisdiction

Iowa

Source

• Banking