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§ 4A203. Unenforceability of certain verified payment orders

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 4a. Funds Transfers (Refs & Annos)
Chapter 4A2. Issue and Acceptance of Payment Order
13 Pa.C.S.A. § 4A203
§ 4A203. Unenforceability of certain verified payment orders
Currentness
(a) General rule.--If an accepted payment order is not, under section 4A202(a) (relating to authorized and verified payment orders), an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to section 4A202(b), the following rules apply:
(1) By express written agreement, the receiving bank may limit the extent to which it is entitled to enforce or retain payment of the payment order.
(2) The receiving bank is not entitled to enforce or retain payment of the payment order if the customer proves that the order was not caused, directly or indirectly, by a person:
(i) entrusted at any time with duties to act for the customer with respect to payment orders or the security procedure; or
(ii) who obtained access to transmitting facilities of the customer or who obtained, from a source controlled by the customer and without authority of the receiving bank, information facilitating breach of the security procedure, regardless of how the information was obtained or whether the customer was at fault.
Information includes any access device, computer software or the like.
(b) Amendments of payment orders.--This section applies to amendments of payment orders to the same extent it applies to payment orders.

Credits

1992, July 9, P.L. 507, No. 97, § 15, effective in one year.
13 Pa.C.S.A. § 4A203, PA ST 13 Pa.C.S.A. § 4A203
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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