Me. Stat. tit. 11 § 4-1201

Current through 131st (2023-2024) Legislature Chapter 678

Section 4-1201 - [Effective 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 impose an obligation on the receiving bank or the customer and may require the use of: algorithms or other codes; identifying words , numbers, symbols or sounds; biometric identifiers; 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 or requiring a payment order to be sent from a known e-mail address, Internet protocol address or telephone number is not by itself a security procedure.

11 M.R.S. § 4-1201

Amended by 2024, c. 669,§ A-40, eff. 7/1/2025.

1991, c. 812, § 2 (NEW) .

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