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. Ifa customer does not so designate an account, any account of the customer is an authorized account ifpayment of a payment order from that account is not inconsistent with a restriction on the use of that account. b. “Bank” means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this Article. c. “Customer” means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders. d. “Funds-transfer business day” of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders, and cancellations and amendments of payment orders. e. “Funds-transfer system” means a wire transfer network, automated clearing house, or other communication system of a clearing house or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. f. Reserved. g. “Prove” with respect to a fact means to meet the burden of establishing the fact as defined in section 554.1201, subsection 2, paragraph “h”. 2. Other definitions applying to this Article and the sections in which they appear are: a. “Acceptance” .....................................Section554.12209 b. “Beneficiary” .....................................Section554.12103 c. “Beneficiary’s bank” .........................Section554.12103 d. “Executed”.........................................Section554.12301 e. “Execution date” ...............................Section554.12301 f. “Funds transfer”.................................Section554.12104 g. “Funds-transfer system rule” ...........Section 554.12501 h. “Governing law” ...............................Section554.12507 i. “Intermediary bank”..........................Section554.12104 j. “Originator”........................................Section554.12104 k. “Originator’s bank” ..........................Section554.12104 l. “Payment by beneficiary’s bank to beneficiary” ...................................Section554.12405 m. “Payment by originator to beneficiary”.............................................Section554.12406 n. “Payment by sender to receiving bank”...........................................Section554.12403 o. “Payment date” .................................Section554.12401 p. “Payment order” ...............................Section554.12103 q. “Receiving bank” ..............................Section554.12103 r. “Security procedure”.........................Section 554.12201 s. “Sender”.............................................Section554.12103 3. The following definitions in Article 4 apply to this Article: a. “Clearing house”...............................Section554.4104 b. “Item”.................................................Section554.4104 c. “Suspends payments” .......................Section554.4104 4. In addition, Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article. §157
‹ Prev All Iowa sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.