1.If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system by the sender and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are deemed to be those transmitted by the system.

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.

This subsection of the Iowa Code, specifically the Uniform Commercial Code, governs payment orders that identify an intermediary bank or the beneficiary’s bank. It provides guidelines for receiving banks, sending banks, and non-bank senders regarding the proper identification of the intermediary or beneficiary’s bank. If the bank is identified only by an identifying number, the receiving bank may rely on the number without determining whether it identifies a bank. The sender is responsible for compensating the receiving bank for any loss or expenses resulting from the reliance on the number.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the acceptance of payment orders. It outlines the conditions under which a receiving bank, beneficiary’s bank, or originator’s bank accepts a payment order. A receiving bank accepts a payment order when it executes the order, while a beneficiary’s bank accepts a payment order when it pays the beneficiary, receives payment from the sender, or on the opening of the next funds-transfer business day.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rejection of payment orders by receiving banks. It states that a payment order can be rejected by the receiving bank through a notice of rejection transmitted orally, electronically, or in writing. The notice of rejection should indicate that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effective when the notice is given, either upon transmission or receipt depending on the reasonableness of the means used for transmission.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the cancellation and amendment of payment orders. It outlines the various methods of communication for canceling or amending a payment order, including oral, electronic, or written means. The effectiveness of the cancellation or amendment depends on factors such as verification through a security procedure or agreement from the receiving bank. The document also specifies that cancellation or amendment is only effective if the receiving bank agrees or if a funds-transfer system rule allows it.

If a receiving bank fails to accept a payment order that it is obligated by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this Article, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this Article or by express agreement.

1.A payment order is executed by the receiving bank when the receiving bank issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiarys bank can be accepted but cannot be executed. 2.Execution date of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the senders order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received.

This legal document, part of the Iowa Code’s Uniform Commercial Code, outlines the obligations of a receiving bank when executing a payment order. The receiving bank is obligated to issue a payment order complying with the sender’s instructions and follow any instructions regarding intermediary banks or funds-transfer systems. If the sender’s instruction indicates an expeditious means of transfer, the receiving bank must transmit the payment order accordingly. The receiving bank may use any reasonable funds-transfer system unless instructed otherwise, and exercise ordinary care in selecting intermediary banks.

This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, governs the execution of payment orders by receiving banks. It outlines the rights and entitlements of receiving banks in cases of erroneous execution of payment orders. If a receiving bank issues a payment order in an amount greater than the sender’s order or issues a duplicate order, the bank is entitled to payment of the sender’s order amount and can recover the excess payment from the beneficiary.