§ 25-4A-505. Preclusion of objection to debit of customer's account. - North Carolina Statutes

§ 25‑4A‑505. Preclusion of objection to debit of customer's account.

If a receiving bank hasreceived payment from its customer with respect to a payment order issued inthe name of the customer as sender and accepted by the bank, and the customerreceived notification reasonably identifying the order, the customer isprecluded from asserting that the bank is not entitled to retain the paymentunless the customer notifies the bank of the customer's objection to thepayment within one year after the notification was received by the customer. (1993,c. 157, s. 1.)