Sec. 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.
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff. Sept. 1, 1993.
Structure Texas Statutes
Title 1 - Uniform Commercial Code
Subchapter E. Miscellaneous Provisions
Section 4A.501. Variation by Agreement and Effect of Funds Transfer System Rule
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