New Jersey Revised Statutes § 12a:4a-201 - Security Procedure

12A:4A-201. Security procedure
12A:4A-201. Security procedure.



"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure.

L.1994,c.114,s.2.


Section: Previous  12a-4a-102  12a-4a-103  12a-4a-104  12a-4a-105  12a-4a-106  12a-4a-107  12a-4a-108  12a-4a-201  12a-4a-202  12a-4a-203  12a-4a-204  12a-4a-205  12a-4a-206  12a-4a-207  12a-4a-208  Next

Last modified: October 11, 2016