Legal Research Home > Florida Lawyer > Commercial Relations > Florida Commercial Relations Code Section 670.505 - Uniform Commercial Code: Funds Transfers - Preclusion of objection to debit of customer's account.

Title XXXIX COMMERCIAL RELATIONS

Chapter 670 UNIFORM COMMERCIAL CODE: FUNDS TRANSFERS

670.505 Preclusion of objection to debit of customer's account.--If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer's objection to the payment within 1 year after the notification was received by the customer.

History.--s. 1, ch. 91-70.

Last modified: November 21, 2006