This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the rules regarding when a bank may charge a customer’s account. According to the document, a bank can charge against the customer’s account for an item that is properly payable, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank.

This legal document pertains to the liability of a payor bank to its customer for wrongful dishonor of an item. The payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, unless it has agreed to pay the overdraft. The payor bank is liable to its customer for damages caused by the wrongful dishonor, including actual damages and consequential damages. The determination of the customer’s account balance, on which the decision to dishonor for insufficiency of available funds is based, can be made at any time between the receipt of the item by the payor bank and the return of the item or giving notice in lieu of return.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the right of a customer or any authorized person to stop payment of an item drawn on the customer’s account or close the account. The customer or authorized person must provide an order to the bank with a reasonable description of the item or account, giving the bank a reasonable opportunity to act on it. If more than one person’s signature is required to draw on the account, any of these persons may stop payment or close the account.

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customers account for a payment made thereafter in good faith. [C66, 71, 73, 75, 77, 79, 81, 554.4404]

1.A payor or collecting banks authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the duties and responsibilities of customers and banks regarding the discovery and reporting of unauthorized signatures or alterations. According to the document, a bank must either return or provide sufficient information to the customer to identify the items paid in a statement of account. The customer has the right to request items or legible copies from the bank.

If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights 1.

A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right. [C66, 71, 73, 75, 77, 79, 81, 554.4501] 94 Acts, ch 1167, 113, 122

If a draft or the relevant instructions require presentment on arrival, when goods arrive or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.

This legal document governs the responsibility of a bank when presenting documentary drafts. It states that a bank must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment, otherwise only on payment. In case of dishonor, the presenting bank may seek instructions from any referee in case of need designated in the draft or, if not utilizing the referee’s services, must use diligence and good faith to ascertain the reason for dishonor, notify its transferor of the dishonor and the results of its effort to ascertain the reasons, and request instructions.