25-4A-201. Security procedure.
"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, call-back 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. (1993, c. 157, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 25 - Uniform Commercial Code
§ 25-4A-103 - Payment order - definitions.
§ 25-4A-104 - Funds transfer - definitions.
§ 25-4A-105 - Other definitions.
§ 25-4A-106 - Time payment order is received.
§ 25-4A-107 - Federal reserve regulations and operating circulars.
§ 25-4A-108 - Relationship to Electronic Fund Transfer Act.
§ 25-4A-201 - Security procedure.
§ 25-4A-202 - Authorized and verified payment orders.
§ 25-4A-203 - Unenforceability of certain verified payment orders.
§ 25-4A-205 - Erroneous payment orders.
§ 25-4A-206 - Transmission of payment order through funds-transfer or other communication system.
§ 25-4A-207 - Misdescription of beneficiary.
§ 25-4A-208 - Misdescription of intermediary bank or beneficiary's bank.
§ 25-4A-209 - Acceptance of payment order.
§ 25-4A-210 - Rejection of payment order.
§ 25-4A-211 - Cancellation and amendment of payment order.
§ 25-4A-212 - Liability and duty of receiving bank regarding unaccepted payment order.
§ 25-4A-301 - Execution and execution date.
§ 25-4A-302 - Obligations of receiving bank in execution of payment order.
§ 25-4A-303 - Erroneous execution of payment order.
§ 25-4A-304 - Duty of sender to report erroneously executed payment order.
§ 25-4A-305 - Liability for late or improper execution or failure to execute payment order.
§ 25-4A-402 - Obligation of sender to pay receiving bank.
§ 25-4A-403 - Payment by sender to receiving bank.
§ 25-4A-404 - Obligation of beneficiary's bank to pay and give notice to beneficiary.
§ 25-4A-405 - Payment by beneficiary's bank to beneficiary.
§ 25-4A-406 - Payment by originator to beneficiary; discharge of underlying obligation.
§ 25-4A-501 - Variation by agreement and effect of funds-transfer system rule.
§ 25-4A-502 - Creditor process served on receiving bank; setoff by beneficiary's bank.
§ 25-4A-503 - Injunction or restraining order with respect to funds transfer.
§ 25-4A-505 - Preclusion of objection to debit of customer's account.