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Can you summarize IACO 554.12501?
UNIFORM COMMERCIAL CODE > Variation by agreement and effect of funds-transfer system rule.
Short Summary
This legal document governs the rights and obligations of parties involved in a funds transfer, as well as funds-transfer system rules. It allows for the variation of rights and obligations through agreement, except where otherwise provided in the document. The document defines ‘funds-transfer system rule’ as a rule of an association of banks governing the transmission of payment orders through a funds-transfer system. It states that such rules may be effective even if they conflict with this document and indirectly affect a party who did not consent to the rule. The document also mentions that funds-transfer system rules may govern the rights and obligations of parties other than participating banks. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in a funds transfer, associations of banks, federal reserve banks
What does it govern?
Rights and obligations of a party to a funds transfer, funds-transfer system rules
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Iowa