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.
Miss. Code Ann. § 75-4A-505
Preclusion of objection to debit of customer’s account
Known as the Uniform Commercial Code
The act spans §§ 75–75 (480 sections).
Applied in 1 court decision — leading case National Bank of Commerce v. Shelton (2009)
Most recently applied in National Bank of Commerce v. Shelton (July 2009)
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.