§ 62A.4A-201. Security procedure
"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (1) verifying that a payment order or communication amending or canceling a payment order is that of the customer, or (2) 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.
[1991 sp.s. c 21 § 4A-201.]
Sections: Previous 62A.4A-102 62A.4A-103 62A.4A-104 62A.4A-105 62A.4A-106 62A.4A-107 62A.4A-108 62A.4A-201 62A.4A-202 62A.4A-203 62A.4A-204 62A.4A-205 62A.4A-206 62A.4A-207 62A.4A-208 NextLast modified: April 7, 2009