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 1 year after the notification was received by the customer.
Fla. Stat. § 670.505
Preclusion of objection to debit of customer’s account
Known as the Uniform Commercial Code
The act spans §§ 670–670 (39 sections).
Applied in 2 court decisions — leading case Estate of Yevgenyi Scherban v. Suntrust Bank (2016)
Most recently applied in Estate of Yevgenyi Scherban v. Suntrust Bank (December 2016)
History.--s. 1, ch. 91-70.
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.