554.11109 Effect of official comments. To the extent that they are consistent with the Iowa statutory text, the 1972 Official Comments to the 1972 Official Text of the Uniform Commercial Code are evidence of legislative intent as to the meaning of this chapter as amended by 1974 Iowa Acts, ch.1249 . However, prior drafts of […]
554.1201 General definitions. 1. Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other Articles of this chapter that apply to particular Articles or parts thereof, have the meanings stated. 2. Subject to definitions contained in other Articles of this chapter that apply to particular […]
554.1202 Notice — knowledge. 1. Subject to subsection 6, a person has “notice” of a fact if the person: a. has actual knowledge of it; b. has received a notice or notification of it; or c. from all the facts and circumstances known to the person at the time in question, has reason to know […]
554.1203 Lease distinguished from security interest. 1. Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. 2. A transaction in the form of a lease creates a security interest if the consideration that the lessee is to pay the lessor for […]
554.1204 Value. Except as otherwise provided in Articles 3, 4, and 5, a person gives value for rights if the person acquires them: 1. in return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or not a charge-back is provided for […]
554.1205 Reasonable time — seasonableness. 1. Whether a time for taking an action required by this chapter is reasonable depends on the nature, purpose, and circumstances of the action. 2. An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a […]
554.1206 Presumptions. Whenever this chapter creates a “presumption” with respect to a fact, or provides that a fact is “presumed”, the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence. 2007 Acts, ch 41, §18, 57
554.12101 Short title. This Article shall be known and may be cited as Uniform Commercial Code — Funds Transfers. 92 Acts, ch 1146, §1
554.12102 Subject matter. Except as otherwise provided in section 554.12108, this Article applies to funds transfers defined in section 554.12104. 92 Acts, ch 1146, §2
554.12103 Payment order — definitions. In this Article unless the context otherwise requires: 1. a. “Payment order” means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if all of […]
554.12104 Funds transfer — definitions. In this Article unless the context otherwise requires: 1. “Funds transfer” means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator’s bank or an intermediary bank […]
554.12105 Other definitions. 1. In this Article unless the context otherwise requires: a. “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account […]
554.12106 Time payment order is received. 1. The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in section 554.1202. A receiving bank may establish a cut-off time or times on a funds-transfer business day for the […]
554.12107 Federal reserve regulations and operating circulars. Regulations of the board of governors of the federal reserve system and operating circulars of the federal reserve banks as of July 1, 1991, supersede any inconsistent provision of this article to the extent of the inconsistency. 92 Acts, ch 1146, §7
554.12108 Relationship to Electronic Fund Transfer Act. 1. Except as provided in subsection 2, this Article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978, 15 U.S.C. §1693 et seq. 2. This Article applies to a funds transfer that is a remittance transfer […]
554.12201 Security procedure. “Security procedure” means a procedure established by agreement between a customer and a receiving bank for the purpose of verifying that a payment order or communication amending or canceling a payment order is that of the customer, or detecting error in the transmission or the content of the payment order or communication. […]
554.12202 Authorized and verified payment orders. 1. A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. 2. If a bank and its customer have agreed that the authenticity of […]
554.12203 Unenforceability of certain verified payment orders. If an accepted payment order is not an authorized order of a customer identified as sender pursuant to section 554.12202, subsection 1, but is effective as an order of the customer pursuant to section 554.12202, subsection 2, the following rules apply: 1. By express written agreement, the receiving […]
554.12204 Refund of payment and duty of customer to report with respect to unauthorized payment order. 1. If a receiving bank accepts a payment order issued in the name of its customer as sender which is not authorized and not effective as the order of the customer under section 554.12202, or which is not enforceable, […]
554.12205 Erroneous payment orders. 1. If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed payment in an amount greater than the amount intended by the sender, or (iii) […]
