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 c.442 §36]
Section: Previous 74A.3040 74A.3050 74A.4010 74A.4020 74A.4030 74A.4040 74A.4050 74A.4060 74A.5010 74A.5020 74A.5030 74A.5040 74A.5050 74A.5060 74A.5070 NextLast modified: August 7, 2008