410.201 Security procedure. “Security procedure" means a procedure established by agreement of a customer and a receiving bank to verify that a payment order or communication amending or canceling a payment order is that of the customer or to detect 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, 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.
History: 1991 a. 304.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 410 - Uniform commercial code — funds transfers.
410.103 - Payment order; definitions.
410.104 - Funds transfer; definitions.
410.106 - Time payment order is received.
410.107 - Federal reserve regulations and operating circulars.
410.108 - Relationship to Electronic Fund Transfer Act.
410.202 - Authorized and verified payment orders.
410.203 - Unenforceability of certain verified payment orders.
410.205 - Erroneous payment orders.
410.206 - Transmission of payment order through funds-transfer or other communication system.
410.207 - Misdescription of beneficiary.
410.208 - Misdescription of intermediary bank or beneficiary's bank.
410.209 - Acceptance of payment order.
410.210 - Rejection of payment order.
410.211 - Cancellation and amendment of payment order.
410.212 - Liability and duty of receiving bank regarding unaccepted payment order.
410.301 - Execution and execution date.
410.302 - Obligations of receiving bank in execution of payment order.
410.303 - Erroneous execution of payment order.
410.304 - Duty of sender to report erroneously executed payment order.
410.305 - Liability for late or improper execution or failure to execute payment order.
410.402 - Obligation of sender to pay receiving bank.
410.403 - Payment by sender to receiving bank.
410.404 - Obligation of beneficiary's bank to pay and give notice to beneficiary.
410.405 - Payment by beneficiary's bank to beneficiary.
410.406 - Payment by originator to beneficiary; discharge of underlying obligation.
410.501 - Variation by agreement and effect of funds-transfer system rule.
410.502 - Creditor process served on receiving bank; setoff by beneficiary's bank.
410.503 - Injunction or restraining order with respect to funds transfer.
410.505 - Preclusion of objection to debit of customer's account.