Indiana § 26-1-4.1-505 Preclusion of objection to debit of customer's account

Indiana Statutes

§ 26-1-4.1-505 — Preclusion of objection to debit of customer's account

Indiana § 26-1-4.1-505

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 4.1Fund Transfers

This text of Indiana § 26-1-4.1-505 (Preclusion of objection to debit of customer's account) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-4.1-505 (2026).

Text

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.

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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.