§ 6A-4.1-505. 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 of Section.P.L. 1991, ch. 189, § 1.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-4.1 - Funds Transfers
Part 5 - Miscellaneous Provisions
Section 6A-4.1-501. - Variation by agreement and effect of funds transfer system rule.
Section 6A-4.1-502. - Creditor process served on receiving bank — Set off by beneficiary’s bank.
Section 6A-4.1-503. - Injunction or restraining order with respect to funds transfer.
Section 6A-4.1-505. - Preclusion of objection to debit of customer’s account.