Iowa § 554.12501 Variation by agreement and effect of funds-transfer system rule

Iowa Statutes

§ 554.12501 — Variation by agreement and effect of funds-transfer system rule

Iowa § 554.12501

Title XIIICOMMERCE

Ch. 554UNIFORM COMMERCIAL CODE

This text of Iowa § 554.12501 (Variation by agreement and effect of funds-transfer system rule) 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 § 554.12501 (2026).

Text

1.Except as otherwise provided in this Article, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party.

2.“Funds-transfer system rule” means a rule of an association of banks governing transmission of payment orders by means of a funds-transfer system of the association or rights and obligations with respect to those orders, or to the extent the rule governs rights and obligations between banks that are parties to a funds transfer in which a federal reserve bank, acting as an intermediary bank, sends a payment order to the beneficiary’s bank. Except as otherwise provided in this Article, a funds-transfer system rule governing rights and obligations between participating banks using the system may be effective even if the rule conflicts

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1. Except as otherwise provided in this Article, the rights and obligations of a party to a
funds transfer may be varied by agreement of the affected party.

2. “Funds-transfer system rule” means a rule of an association of banks governing
transmission of payment orders by means of a funds-transfer system of the association or
rights and obligations with respect to those orders, or to the extent the rule governs rights
and obligations between banks that are parties to a funds transfer in which a federal reserve
bank, acting as an intermediary bank, sends a payment order to the beneficiary’s bank.
Except as otherwise provided in this Article, a funds-transfer system rule governing rights
and obligations between participating banks using the system may be effective even if the
rule conflicts with this Article and indirectly affects another party to the funds transfer who
does not consent to the rule. A funds-transfer system rule may also govern the rights and
obligations of parties other than participating banks using the system to the extent stated
in section 554.12404, subsection 3, section 554.12405, subsection 4, and section 554.12507,
subsection 3.