An action to enforce an obligation, duty, or right arising under this Article must be commenced within three years after the cause of action accrues. 2005 Acts, ch 11, 8

This legal document, governed by the Iowa Code’s Uniform Commercial Code, addresses the status of a collecting bank as an agent and the provisional status of credits. It establishes that unless a contrary intent is clearly stated, a collecting bank is considered an agent or subagent of the owner of an item, and any settlement given for the item is provisional. This applies regardless of the form of endorsement or lack thereof.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the responsibility of collecting banks in the collection or return of items. It requires collecting banks to exercise ordinary care in presenting items or sending them for presentment, sending notice of dishonor or nonpayment, settling for an item, and notifying their transferor of any loss or delay in transit. The document specifies that a collecting bank must take proper action before its midnight deadline following receipt of an item, notice, or settlement, and may be considered to have exercised ordinary care if proper action is taken within a reasonably longer time.

Subject to Article 3 concerning conversion of instruments (section 554.3420) and restrictive endorsements (section 554.3206), only a collecting banks transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor. [C66, 71, 73, 75, 77, 79, 81, 554.4203] 94 Acts, ch 1167, 90, 122

1.A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or others to present those items. 2.A collecting bank may send: a.an item directly to the payor bank; b.an item to a nonbank payor if authorized by its transferor; and c.

If a customer delivers an item to a depositary bank for collection: 1.The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer endorses the item, and, if the bank satisfies the other requirements of section 554.3302, it is a holder in due course; and 2.

Any agreed method that identifies the transferor bank is sufficient for the items further transfer to another bank. [C66, 71, 73, 75, 77, 79, 81, 554.4206] 94 Acts, ch 1167, 93, 122

This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the transfer warranties in commercial transactions. It outlines the warranties that a customer or collecting bank provides when transferring an item and receiving settlement or other consideration. These warranties include ensuring that the warrantor is entitled to enforce the item, all signatures on the item are authentic and authorized, the item has not been altered, and the item is not subject to any defense or claim in recoupment.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs presentment warranties in commercial transactions. It applies to drawees, warrantors, and persons making payment. The document establishes warranties that the person obtaining payment or acceptance of an unaccepted draft warrants to the drawee, including being entitled to enforce the draft, no alteration of the draft, no unauthorized signature, and authorization of the creation of a demand draft. The document also outlines the rights of the drawee to recover damages for breach of warranty, the defenses available to warrantors, and the warranties applicable to dishonored drafts.

1.A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warranty. 2.A person who undertakes to retain an item pursuant to an agreement for electronic presentment warrants to any subsequent collecting bank and to the payor bank or other payor that retention and presentment of the item comply with the agreement.