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New Jersey Statutes, Title: 12A, COMMERCIAL TRANSACTIONS
Chapter 4a:
Section: 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 section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 12a:4a-505 (if available):
Court decisions that cite this statute:
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