Can you summarize IACO 554.12505?

Short Summary

If a receiving bank has received payment from the receiving banks customer with respect to a payment order issued in the name of the customer as sender and accepted by the receiving bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the receiving bank is not entitled to retain the payment unless the customer notifies the receiving bank of the customers objection to the payment within one year after the notification was received by the customer. 92 Acts, ch 1146, 36

Jurisdiction

Iowa

Source

• Banking