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Can you summarize IACO 554.12106?
UNIFORM COMMERCIAL CODE > Time payment order is received.
Short Summary
This legal document governs the time of receipt of a payment order or communication canceling or amending a payment order. It applies to receiving banks. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. Different cut-off times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day. Additionally, if this document refers to an execution date or payment date that does not fall on a funds-transfer business day, the next funds-transfer business day is treated as the stated date or day. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Receiving banks
What does it govern?
Time of receipt of a payment order or communication canceling or amending a payment order
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa