For proper cause and in compliance with applicable law, a court may restrain a person from issuing a payment order to initiate a funds transfer, an originators bank from executing the payment order of the originator, or the beneficiarys bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.

1.If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the senders account, the bank may charge the senders account with respect to the various orders and items in any sequence. 2.In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.

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.

This legal provision, found in the Iowa Code under the Uniform Commercial Code, governs the rate of interest applicable to payment orders issued to receiving banks. The amount of interest payable can be determined by agreement between the sender and receiving bank or by a funds-transfer system rule if the payment order is transmitted through such a system. If the interest amount is not determined by an agreement or rule, it is calculated by multiplying the applicable federal funds rate by the amount on which interest is payable, and then multiplying the product by the number of days for which interest is payable.

This legal document, part of the Iowa Code’s Uniform Commercial Code, establishes rules for the governance of rights and obligations in payment orders and funds transfers. It states that the rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction where the receiving bank is located. Similarly, the rights and obligations between the beneficiary’s bank and the beneficiary are governed by the law of the jurisdiction where the beneficiary’s bank is located.

This Article may be cited as Uniform Commercial Code Negotiable Instruments. 94 Acts, ch 1167, 10, 121, 122

1.This Article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 12, or to securities governed by Article 8. 2.If there is conflict between this Article and Article 4 or 9, Articles 4 and 9 govern. 3.Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency.

This legal document, known as the Uniform Commercial Code (UCC), governs commercial transactions. It provides definitions for various terms used in commercial transactions, such as acceptor, drawee, drawer, maker, order, ordinary care, party, promise, prove, remitter, and more. The UCC also includes definitions from other articles that apply to this article. It does not specify any exemptions or penalties. The UCC is a comprehensive set of laws that aim to provide uniformity and clarity in commercial transactions across different states in the United States.

This legal document, part of the Iowa Code’s Uniform Commercial Code, defines and governs negotiable instruments. A negotiable instrument is an unconditional promise or order to pay a fixed amount of money, payable to bearer or to order, and either payable on demand or at a definite time. It does not contain any other undertakings or instructions beyond the payment of money, although it may include provisions for collateral, confession of judgment, or waiver of certain laws.

1.Issue means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person. 2.An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.