Iowa Code 554.12503 – Injunction or restraining order with respect to funds transfer
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Terms Used In Iowa Code 554.12503
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
554.12503 Injunction or restraining order with respect to funds transfer.
For proper cause and in compliance with applicable law, a court may restrain a person from
issuing a payment order to initiate a funds transfer, an originator’s bank from executing the payment order of the originator, or the beneficiary‘s bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.
92 Acts, ch 1146, §34
For proper cause and in compliance with applicable law, a court may restrain a person from
issuing a payment order to initiate a funds transfer, an originator’s bank from executing the payment order of the originator, or the beneficiary‘s bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.
92 Acts, ch 1146, §34