Can you summarize IACO 554.12401?

Short Summary

Payment date of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiarys bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiarys bank and, unless otherwise determined, is the day the order is received by the beneficiarys bank. 92 Acts, ch 1146, 26 Referred to in 554.12105

Jurisdiction

Iowa

Source

• Banking