Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) 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.
(P.A. 90-202, S. 1(4A-201), 3.)
Structure Connecticut General Statutes
Title 42a - Uniform Commercial Code
Section 42a-4A-101. - Short title: Uniform Commercial Code–Funds Transfers.
Section 42a-4A-102. - Subject matter.
Section 42a-4A-103. - Payment order; definitions.
Section 42a-4A-104. - Funds transfer; definitions.
Section 42a-4A-105. - Other definitions.
Section 42a-4A-106. - Time payment order is received.
Section 42a-4A-107. - Federal regulations and operating circulars.
Section 42a-4A-108. - Application of article to certain funds transfers governed by federal law.
Section 42a-4A-201. - Security procedure.
Section 42a-4A-202. - Authorized and verified payment orders.
Section 42a-4A-203. - Unenforceability of certain verified payment orders.
Section 42a-4A-205. - Erroneous payment orders.
Section 42a-4A-207. - Misdescription of beneficiary.
Section 42a-4A-208. - Misdescription of intermediary bank or beneficiary's bank.
Section 42a-4A-209. - Acceptance of payment order.
Section 42a-4A-210. - Rejection of payment order.
Section 42a-4A-211. - Cancellation and amendment of payment order.
Section 42a-4A-212. - Liability and duty of receiving bank regarding unaccepted payment order.
Section 42a-4A-301. - Execution and execution date.
Section 42a-4A-302. - Obligations of receiving bank in execution of payment order.
Section 42a-4A-303. - Erroneous execution of payment order.
Section 42a-4A-304. - Duty of sender to report erroneously executed payment order.
Section 42a-4A-305. - Liability for late or improper execution or failure to execute payment order.
Section 42a-4A-401. - Payment date.
Section 42a-4A-402. - Obligation of sender to pay receiving bank.
Section 42a-4A-403. - Payment by sender to receiving bank.
Section 42a-4A-404. - Obligation of beneficiary's bank to pay and give notice to beneficiary.
Section 42a-4A-405. - Payment by beneficiary's bank to beneficiary.
Section 42a-4A-406. - Payment by originator to beneficiary; discharge of underlying obligation.
Section 42a-4A-501. - Variation by agreement and effect of funds-transfer system rule.
Section 42a-4A-502. - Creditor process served on receiving bank; set-off by beneficiary's bank.
Section 42a-4A-503. - Injunction or restraining order with respect to funds transfer.
Section 42a-4A-505. - Preclusion of objection to debit of customer's account.