Section 4A–505. 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.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title XV - Regulation of Trade
Chapter 106 - Uniform Commercial Code
Section 4a-103 - Payment Order — Definitions
Section 4a-304 - Duty of Sender to Report Erroneously Executed Payment Order
Section 4a-305 - Liability for Late or Improper Execution or Failure to Execute Payment Order
Section 4a-402 - Obligation of Sender to Pay Receiving Bank
Section 4a-403 - Payment by Sender to Receiving Bank
Section 4a-404 - Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary
Section 4a-405 - Payment by Beneficiary's Bank to Beneficiary
Section 4a-303 - Erroneous Execution of Payment Order
Section 4a-406 - Payment by Originator to Beneficiary; Discharge of Underlying Obligation
Section 4a-502 - Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank
Section 4a-503 - Injunction or Restraining Order With Respect to Funds Transfer
Section 4a-505 - Preclusion of Objection to Debit of Customer's Account
Section 4a-506 - Rate of Interest
Section 4a-507 - Choice of Law
Section 4a-102 - Subject Matter
Section 4a-501 - Variation by Agreement and Effect of Funds Transfer System Rule
Section 4a-302 - Obligations of Receiving Bank in Execution of Payment Order
Section 4a-104 - Funds Transfer — Definitions
Section 4a-212 - Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order
Section 4a-301 - Execution and Execution Date
Section 4a-105 - Other Definitions
Section 4a-106 - Time Payment Order Is Received
Section 4a-107 - Federal Reserve Regulations and Operating Circulars
Section 4a-201 - Security Procedure
Section 4a-202 - Authorized and Verified Payment Orders
Section 4a-203 - Unenforceability of Certain Verified Payment Orders
Section 4a-108 - Relationship to Electronic Fund Transfer Act
Section 4a-205 - Erroneous Payment Orders
Section 4a-206 - Transmission of Payment Order Through Funds Transfer or Other Communication System
Section 4a-207 - Misdescription of Beneficiary
Section 4a-208 - Misdescription of Intermediary Bank or Beneficiary's Bank
Section 4a-209 - Acceptance of Payment Order
Section 4a-210 - Rejection of Payment Order
Section 4a-211 - Cancellation and Amendment of Payment Order