This legal document, governed by the Iowa Code under the Uniform Commercial Code, establishes the security interest of a collecting bank in items, accompanying documents, and proceeds. A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either in various scenarios, such as when credit given for the item has been withdrawn or applied, when credit has been given for an item available for withdrawal, or when an advance is made on or against the item.

For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 554.3302 on what constitutes a holder in due course. [S13, 3060-a27; C24, 27, 31, 35, 39, 9487; C46, 50, 54, 58, 62, 541.27; C66, 71, 73, 75, 77, 79, 81, 554.4209] 94 Acts, ch 1167, 96, 120, 122 C95, 554.

This legal document governs the presentment of items that are not payable by, through, or at a bank. It allows a collecting bank to present such items by sending a written notice to the party to accept or pay. The notice must be sent in a timely manner and the bank must meet any requirements of the party to accept or pay. If presentment is made by notice and payment, acceptance, or request for compliance is not received by the specified time, the presenting bank may treat the item as dishonored and charge any drawer or endorser by sending them notice of the facts.

This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by federal reserve regulations, circulars, clearing-house rules, or agreement. In the absence of such prescription, the medium of settlement is cash or credit to an account in a federal reserve bank or specified by the person to receive settlement. The time of settlement varies depending on the method of tender, such as cash, credit in a federal reserve bank account, credit or debit to a bank account, or funds transfer.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights and liabilities of collecting banks regarding charge-backs or refunds. It states that if a collecting bank has made provisional settlement with its customer for an item but fails to receive final settlement due to dishonor, suspension of payments by a bank, or other reasons, the bank may revoke the settlement, charge back the credited amount, or obtain a refund from its customer.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the final payment of an item by a payor bank. It outlines the conditions under which an item is considered finally paid, including payment in cash, settlement without the right to revoke, or failure to revoke provisional settlement within the permitted time. The document also specifies that if provisional settlement does not become final, the item is not considered finally paid.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the rules and provisions related to insolvency and preference. It outlines the obligations and responsibilities of various entities such as payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, presenting banks, and closed bank’s customers. The document states that if an item is in the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, it must be returned to the presenting bank or the closed bank’s customer.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rules and procedures related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It applies specifically to payor banks. According to the document, if a payor settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the payment settlement by returning the item or sending written notice of dishonor or nonpayment.

This legal provision, found in the Iowa Code under the Uniform Commercial Code, governs the responsibility of a payor bank for the late return of an item. According to the provision, if a payor bank receives an item and retains it beyond midnight of the banking day of receipt without settling for it, or fails to pay, return, or send notice of dishonor until after its midnight deadline, the bank becomes accountable for the amount of the item.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the order in which items may be charged or certified by payor banks. It states that any knowledge, notice, stop-payment order, legal process, or setoff received by a payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if certain conditions are met. These conditions include the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cutoff hour for checks.