8.4A-505 - A-505. Preclusion of objection to debit of customer's account. - Virginia Statutes

§ 8.4A-505. Preclusion of objection to debit of customer's account.

If a receiving bank has received payment from its customer with respect to apayment order issued in the name of the customer as sender and accepted bythe bank, and the customer received notification reasonably identifying theorder, the customer is precluded from asserting that the bank is not entitledto retain the payment unless the customer notifies the bank of the customer'sobjection to the payment within one year after the notification was receivedby the customer.

(1990, c. 9.)