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Title XXVI TRADE AND COMMERCE

Chapter 400

previous next Effective - 28 Aug 1992bottom

  400.4A-201.  Security procedure. — "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.

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(L. 1992 S.B. 448)


---- end of effective   28 Aug 1992 ----

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