Iowa § 554.12505 Preclusion of objection to debit of customer’s account

Iowa Statutes

§ 554.12505 — Preclusion of objection to debit of customer’s account

Iowa § 554.12505

Title XIIICOMMERCE

Ch. 554UNIFORM COMMERCIAL CODE

This text of Iowa § 554.12505 (Preclusion of objection to debit of customer’s account) 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 § 554.12505 (2026).

Text

If a receiving bank has received payment from the receiving bank’s customer with respect
toapaymentorderissuedinthenameofthecustomerassenderandacceptedbythereceiving
bank, andthecustomerreceivednotificationreasonablyidentifyingtheorder, thecustomeris
precluded from asserting that the receiving bank is not entitled to retain the payment unless
the customer notifies the receiving bank of the customer’s objection to the payment within
one year after the notification was received by the customer.

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If a receiving bank has received payment from the receiving bank’s customer with respect
toapaymentorderissuedinthenameofthecustomerassenderandacceptedbythereceiving
bank, andthecustomerreceivednotificationreasonablyidentifyingtheorder, thecustomeris
precluded from asserting that the receiving bank is not entitled to retain the payment unless
the customer notifies the receiving bank of the customer’s objection to the payment within
one year after the notification was received by the customer.