Iowa Statutes
§ 554.12212 — Liability and duty of receiving bank regarding unaccepted payment order
Iowa § 554.12212
This text of Iowa § 554.12212 (Liability and duty of receiving bank regarding unaccepted payment order) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Iowa Code § 554.12212 (2026).
Text
If a receiving bank fails to accept a payment order that it is obligated by express agreement
to accept, the bank is liable for breach of the agreement to the extent provided in the
agreement or in this Article, but does not otherwise have any duty to accept a payment
order or, before acceptance, to take any action, or refrain from taking action, with respect
to the order except as provided in this Article or by express agreement. Liability based on
acceptance arises only when acceptance occurs as stated in section 554.12209, and liability
is limited to that provided in this Article. A receiving bank is not the agent of the sender or
beneficiary of the payment order it accepts, or of any other party to the funds transfer, and
the bank owes no duty to any party to the funds transfer except
Free access — add to your briefcase to read the full text and ask questions with AI
Nearby Sections
15
§ 554.10101
Effective date§ 554.10103
General repealer§ 554.10104
Laws not repealed§ 554.1101
Short titles§ 554.1102
Scope of Article§ 554.1104
Construction against implied repeal§ 554.1105
Severability§ 554.1106
Use of singular and plural — gender§ 554.1107
Section captions§ 554.1110
Rules for filing and indexing§ 554.11101
Effective date§ 554.11102
Preservation of old transition provisionCite This Page — Counsel Stack
Bluebook (online)
Iowa § 554.12212, Counsel Stack Legal Research, https://law.counselstack.com/statute/ia/554.12212.