400.4A-505. Preclusion of objection to debt of customer's account. - Missouri Statutes

Preclusion of objection to debt of customer's account.

400.4A-505. If a receiving bank has received payment fromits customer with respect to a payment order issued in the nameof the customer as sender and accepted by the bank, and thecustomer received notification reasonably identifying the order,the customer is precluded from asserting that the bank is notentitled to retain the payment unless the customer notifies thebank of the customer's objection to the payment within one yearafter the notification was received by the customer.

(L. 1992 S.B. 448)