554.12206 Transmission of payment order through funds-transfer or other communication system. 1. If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system isdeemed to be an agent of the sender for the purpose of transmitting the payment order to thebank. If there is a discrepancy between the terms of the payment order transmitted to thesystem by the sender and the terms of the payment order transmitted by the system to thebank, the terms of the payment order of the sender are deemed to be those transmitted by thesystem. This section does not apply to a funds-transfer system of the federal reserve banks. 2. This section applies to cancellations and amendments of payment orders in the same manner it applies to payment orders. 92 Acts, ch 1146, §14; 2020 Acts, ch 1062, §94Referred to in §554.12205 Sat Dec 23 11:02:51 2023 Iowa Code 2024, Section 554.12206 (27, 0)
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