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.
Section: Previous 11-4a-501 11-4a-502 11-4a-503 11-4a-504 11-4a-505 11-4a-506 11-4a-507 NextLast modified: October 14, 2016