North Carolina General Statutes § 25-4A-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 one year after the notification was received by the customer. (1993, c. 157, s. 1.)

Sections:  Previous  25-4A-404  25-4A-405  25-4A-406  25-4A-501  25-4A-502  25-4A-503  25-4A-504  25-4A-505  25-4A-506  25-4A-507  25-5-101  25-5-102  25-5-103  25-5-104  25-5-105  Next

Last modified: March 23, 2014