Ask Reggi Your Question Now
Can you summarize IACO 554.12207?
UNIFORM COMMERCIAL CODE > Misdescription of beneficiary.
Short Summary
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the treatment of beneficiaries and payment orders in the context of funds transfers. It establishes rules for situations where the beneficiary’s name, bank account number, or other identification is incorrect or refers to a nonexistent or unidentifiable person or account. The document outlines the rights and obligations of the beneficiary’s bank, including the reliance on the identification number as the proper identification of the beneficiary. It also addresses cases where the beneficiary is identified inconsistently by name and number, and the consequences for payment and acceptance of the order. Additionally, the document discusses the recovery of payments made to the wrong person and the obligations of the originator and originator’s bank. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Beneficiaries, beneficiary's bank, originator, originator's bank
What does it govern?
Payment orders and beneficiaries in the context of funds transfers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa