554.12212 Liability and duty of receiving bank regarding unaccepted payment order. 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 theagreement or in this Article, but does not otherwise have any duty to accept a paymentorder or, before acceptance, to take any action, or refrain from taking action, with respectto the order except as provided in this Article or by express agreement. Liability based onacceptance arises only when acceptance occurs as stated in section 554.12209, and liabilityis limited to that provided in this Article. A receiving bank is not the agent of the sender orbeneficiary of the payment order it accepts, or of any other party to the funds transfer, andthe bank owes no duty to any party to the funds transfer except as provided in this Articleor by express agreement. 92 Acts, ch 1146, §20 Sat Dec 23 11:02:53 2023 Iowa Code 2024, Section 554.12212 (25, 0)
Iowa Legal Code