554.12505 Preclusion of objection to debit of customer’s account. If a receiving bank has received payment from the receiving bank’s customer with respect to a payment order issued in the name of the customer as sender and accepted by the receivingbank, and the customer received notification reasonably identifying the order, the customer isprecluded from asserting that the receiving bank is not entitled to retain the payment unlessthe customer notifies the receiving bank of the customer’s objection to the payment withinone year after the notification was received by the customer. 92 Acts, ch 1146, §36 Sat Dec 23 11:03:01 2023 Iowa Code 2024, Section 554.12505 (24, 0)
Iowa Legal Code