N.J.S.A. 12A:4A-505 — Preclusion of objection to debit of customer's account

12A:4A-505. Preclusion of objection to debit of customer's account 12A: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. L.1994,c.114,s.2.

This is the verbatim text of N.J.S.A. 12A:4A-505, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.