8.4A-203 - A-203. Unenforceability of certain verified payment orders.
§ 8.4A-203. Unenforceability of certain verified payment orders.
(a) If an accepted payment order is not, under subsection (a) of § 8.4A-202,an authorized order of a customer identified as sender, but is effective asan order of the customer pursuant to subsection (b) of § 8.4A-202, thefollowing rules apply:
(1) By express written agreement, the receiving bank may limit the extent towhich it is entitled to enforce or retain payment of the payment order.
(2) The receiving bank is not entitled to enforce or retain payment ofpayment order if the customer proves that the order was not caused, directlyor indirectly, by a person (i) entrusted at any time with duties to act forthe customer with respect to payment orders or the security procedure, or(ii) who obtained access to transmitting facilities of the customer or whoobtained, from a source controlled by the customer and without authority ofthe receiving bank, information facilitating breach of the securityprocedure, regardless of how the information was obtained or whether thecustomer was at fault. Information includes any access device, computersoftware, or the like.
(b) This section applies to amendments of payment orders to the same extentit applies to payment orders.
(1990, c. 9.)