355.4A-203 Unenforceability of certain verified payment orders. (1) If an accepted payment order is not, under KRS 355.4A-202(1), an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to KRS 355.4A-202(2), the following rules apply: (a) 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. (b) 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: 1. Entrusted at any time with duties to act for the customer with respect to payment orders or the security procedure; or 2. 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. (2) This section applies to amendments of payment orders to the same extent it applies to payment orders. Effective: July 14, 1992 History: Created 1992 Ky. Acts ch. 116, sec. 34, effective July 14, 1992.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.