2009 Iowa Code
Title 13 - Commerce
Subtitle 5 - Regulation of Commercial Enterprises
CHAPTER 554 - UNIFORM COMMERCIAL CODE
554.3418 - PAYMENT OR ACCEPTANCE BY MISTAKE.

        554.3418  PAYMENT OR ACCEPTANCE BY MISTAKE.
         1.  Except as provided in subsection 3, if the drawee of a draft
      pays or accepts the draft and the drawee acted on the mistaken belief
      that (i) payment of the draft had not been stopped pursuant to
      section 554.4403 or (ii) the signature of the drawer of the draft was
      authorized, the drawee may recover the amount of the draft from the
      person to whom or for whose benefit payment was made or, in the case
      of acceptance, may revoke the acceptance.  Rights of the drawee under
      this subsection are not affected by failure of the drawee to exercise
      ordinary care in paying or accepting the draft.
         2.  Except as provided in subsection 3, if an instrument has been
      paid or accepted by mistake and the case is not covered by subsection
      1, the person paying or accepting may, to the extent permitted by the
      law governing mistake and restitution, (i) recover the payment from
      the person to whom or for whose benefit payment was made or (ii) in
      the case of acceptance, may revoke the acceptance.
         3.  The remedies provided by subsection 1 or 2 may not be asserted
      against a person who took the instrument in good faith and for value
      or who in good faith changed position in reliance on the payment or
      acceptance.  This subsection does not limit remedies provided by
      section 554.3417 or 554.4407.
         4.  Notwithstanding section 554.4215, if an instrument is paid or
      accepted by mistake and the payor or acceptor recovers payment or
      revokes acceptance under subsection 1 or 2, the instrument is deemed
      not to have been paid or accepted and is treated as dishonored, and
      the person from whom payment is recovered has rights as a person
      entitled to enforce the dishonored instrument.  

         94 Acts, ch 1167, §65, 121, 122
         Referred to in § 554.3301