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 (1) year after the notification was received by the customer.
KRS 355.4A-505
Preclusion of objection to debit of customer's account
Known as the Uniform Commercial Code
The act spans §§ 355.10-101 to 355.9-809 (686 sections).
Effective: July 14, 1992 History: Created 1992 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.