KANSAS OFFICE of
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84-4a-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.

History: L. 1990, ch. 367, ยง 36; January 1, 1991.

KANSAS COMMENT, 1996

This section is identical to the 1995 Official Text.

It provides a one-year statute of limitation from the time the bank notifies a customer of payment of a payment order, for a customer to object. It is similar to the statute of limitations in 84-4-406, but without the other duties.


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