§ 62A.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.
[1991 sp.s. c 21 § 4A-505.]
Sections: Previous 62A.4A-304 62A.4A-305 62A.4A-401 62A.4A-402 62A.4A-403 62A.4A-404 62A.4A-405 62A.4A-406 62A.4A-501 62A.4A-502 62A.4A-503 62A.4A-504 62A.4A-505 62A.4A-506 62A.4A-507 NextLast modified: April 7, 2009