If the sender of a payment order that is erroneously executed as stated in section 554.12303 receives notification from the receiving bank that the order was executed or that the senders account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding ninety days after the notification from the bank is received by the sender.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the liability of receiving banks for late or improper execution or failure to execute payment orders. If a funds transfer is completed but the receiving bank breaches section 554.12302, resulting in a delay in payment to the beneficiary, the bank is obligated to pay interest to either the originator or the beneficiary for the period of delay caused by the improper execution.

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.

This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the obligation of the sender to pay the receiving bank in the context of payment orders. When a payment order is issued to the beneficiary’s bank, acceptance of the order by the bank creates an obligation for the sender to pay the bank the amount of the order. However, payment is not due until the payment date specified in the order.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the process of payment from the sender to the receiving bank. It specifies that payment occurs when the receiving bank receives final settlement of the obligation through a federal reserve bank or funds-transfer system. If the sender is a bank and has credited an account of the receiving bank, payment occurs when the credit is withdrawn or at midnight of the day when the credit is withdrawable and the receiving bank is aware of it.

This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, outlines the obligation of a beneficiary’s bank to pay and provide notice to the beneficiary. According to the document, if a beneficiary’s bank accepts a payment order, they are required to pay the amount of the order to the beneficiary on the payment date. If the beneficiary’s bank refuses to pay upon demand by the beneficiary and receipt of notice of consequential damages, the beneficiary may recover damages if the bank had notice of the damages, unless the bank proves a reasonable doubt concerning the right to payment.

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.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the payment by an originator to a beneficiary in a funds transfer. According to the document, the originator is required to pay the beneficiary at the time the payment order is accepted by the beneficiary’s bank, in an amount equal to the order accepted by the bank. If the payment is made to satisfy an obligation, the obligation is discharged to the same extent as if the beneficiary had received the same amount in money.

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.

This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the process of creditor process served on a receiving bank and the setoff by the beneficiary’s bank. The section defines ‘creditor process’ as various legal processes issued by or on behalf of a creditor or claimant with respect to an account. If the creditor process is served on the receiving bank and the bank accepts the payment order, the balance in the authorized account is deemed to be reduced by the amount of the payment order, unless the bank had a reasonable opportunity to act on the creditor process before accepting the payment order.