84-4a-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.
History: L. 1990, ch. 367, § 36; Jan. 1, 1991.
Structure Kansas Statutes
Chapter 84 - Uniform Commercial Code
84-4a-103 Payment order—definitions.
84-4a-104 Funds transfer—definitions.
84-4a-106 84-4a-106.Time payment order is received.
84-4a-107 Federal reserve regulations and operating circulars.
84-4a-108 Exclusion of consumer transactions governed by federal law; exceptions.
84-4a-202 Authorized and verified payment orders.
84-4a-203 Unenforceability of certain verified payment orders.
84-4a-205 Erroneous payment orders.
84-4a-206 Transmission of payment order through funds transfer or other communication system.
84-4a-207 Misdescription of beneficiary.
84-4a-208 Misdescription of intermediary bank or beneficiary's bank.
84-4a-209 Acceptance of payment order.
84-4a-210 Rejection of payment order.
84-4a-211 Cancellation and amendment of payment order.
84-4a-212 Liability and duty of receiving bank regarding unaccepted payment order.
84-4a-301 Execution and execution date.
84-4a-302 Obligations of receiving bank in execution of payment order.
84-4a-303 Erroneous execution of payment order.
84-4a-304 Duty of sender to report erroneously executed payment order.
84-4a-305 Liability for late or improper execution or failure to execute payment order.
84-4a-402 Obligation of sender to pay receiving bank.
84-4a-403 Payment by sender to receiving bank.
84-4a-404 Obligation of beneficiary's bank to pay and give notice to beneficiary.
84-4a-405 Payment by beneficiary's bank to beneficiary.
84-4a-406 Payment by originator to beneficiary; discharge of underlying obligation.
84-4a-501 Variation by agreement and effect of funds-transfer system rule.
84-4a-502 Creditor process served on receiving bank; setoff by beneficiary's bank.
84-4a-503 Injunction or restraining order with respect to funds transfer.
84-4a-505 Preclusion of objection to debit of customer's account.