Iowa Code § 554.12104
Funds transfer — definitions
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2015
As of January 1, 2012
In this article unless the context otherwise requires:
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 intended to carry out the originator’s payment order. A funds transfer is completed by acceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary of the originator’s payment order.
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 intended to carry out the originator’s payment order. A funds transfer is completed by acceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary of the originator’s payment order.
2. “Intermediary bank” means a receiving bank other than the originator’s bank or the beneficiary’s bank.
2. “Intermediary bank” means a receiving bank other than the originator’s bank or the beneficiary’s bank.
3. “Originator” means the sender of the first payment order in a funds transfer.
3. “Originator” means the sender of the first payment order in a funds transfer.
4. “Originator’s bank” means the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or the originator if the originator is a bank.
4. “Originator’s bank” means the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or the originator if the originator is a bank.
92 Acts, ch 1146, §4
92 Acts, ch 1146, §4
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.