“Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment order or communication. 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.
Miss. Code Ann. § 75-4A-201
Security procedure
Known as the Uniform Commercial Code
The act spans §§ 75–75 (480 sections).
Applied in 1 court decision — leading case Choice Escrow & Land Title, LLC v. BancorpSouth Bank (2014)
Most recently applied in Choice Escrow & Land Title, LLC v. BancorpSouth Bank (June 2014)
Laws, 1991, ch. 316, § 1, eff from and after July 1, 1991.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.