Me. Stat. tit. 11 § 4-1201

Current through 131st (2023-2024) Legislature Chapter 684

Section 4-1201 - [Effective Until 7/1/2025] Security procedure

"Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of: [1991, c. 812, §2(NEW).]

(1). Verifying that a payment order or communication amending or cancelling a payment order is that of the customer; or

[1991, c. 812, §2(NEW).]

(2). Detecting error in the transmission or the content of the payment order or communication.

[1991, c. 812, §2(NEW).]

A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure. [1991, c. 812, §2(NEW).]

11 M.R.S. § 4-1201

1991, c. 812, § 2 (NEW) .

This section is set out more than once due to postponed, multiple, or conflicting amendments.