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Can you summarize IACO 554.12105?
UNIFORM COMMERCIAL CODE > Other definitions.
Short Summary
This legal document is part of the Iowa Code and specifically pertains to the Uniform Commercial Code (UCC) in the context of funds transfers. It provides definitions for various terms used in the UCC Article related to funds transfers, such as ‘authorized account’, ‘bank’, ‘customer’, ‘funds-transfer business day’, ‘funds-transfer system’, and more. The document also references other definitions applicable to this Article and sections within it. It is important for banks, customers, and other entities involved in funds transfers to understand and comply with these definitions to ensure proper interpretation and application of the UCC provisions related to funds transfers.
Whom does it apply to?
Banks, customers, and other entities involved in funds transfers
What does it govern?
Uniform Commercial Code
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa