§4-1201. Security procedure
"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of: [PL 1991, c. 812, §2 (NEW).]
(1). Verifying that a payment order or communication amending or cancelling a payment order is that of the customer; or
[PL 1991, c. 812, §2 (NEW).]
(2). Detecting error in the transmission or the content of the payment order or communication.
[PL 1991, c. 812, §2 (NEW).]
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. [PL 1991, c. 812, §2 (NEW).]
SECTION HISTORY
PL 1991, c. 812, §2 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Part 2: ISSUE AND ACCEPTANCE OF PAYMENT ORDER
11 §4-1201. Security procedure
11 §4-1202. Authorized and verified payment orders
11 §4-1203. Unenforceability of certain verified payment orders
11 §4-1205. Erroneous payment orders
11 §4-1206. Transmission of payment order through funds transfer or other communication system
11 §4-1207. Misdescription of beneficiary
11 §4-1208. Misdescription of intermediary bank or beneficiary's bank
11 §4-1209. Acceptance of payment order
11 §4-1210. Rejection of payment order
11 §4-1211. Cancellation and amendment of payment order
11 §4-1212. Liability and duty of receiving bank regarding unaccepted payment order