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Can you summarize IACO 554.12405?
UNIFORM COMMERCIAL CODE > Payment by beneficiarys bank to beneficiary.
Short Summary
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, addresses the payment by a beneficiary’s bank to the beneficiary. It outlines the conditions under which the beneficiary’s bank is obligated to make payment to the beneficiary. If the beneficiary’s bank credits the beneficiary’s account, payment occurs when the beneficiary is notified of the right to withdraw the credit, the bank applies the credit to a debt of the beneficiary, or funds are otherwise made available to the beneficiary. If the beneficiary’s bank does not credit the account, the time of payment is determined by general principles of law. The document also discusses the enforceability of conditions to payment or agreements between the beneficiary and the beneficiary’s bank. Additionally, it covers provisional payments made to beneficiaries through a funds-transfer system and the rights and obligations of the beneficiary’s bank, originator, and other participants in case of system failure. Overall, this document provides guidance on the payment process between a beneficiary’s bank and the beneficiary in various scenarios.
Whom does it apply to?
Beneficiary's bank, beneficiary, originator's bank, participants in a funds-transfer system
What does it govern?
Payment by beneficiary's bank to beneficiary
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa