Minnesota § 336.4A-505 336.4A-505 PRECLUSION OF OBJECTION TO DEBIT OF CUSTOMER'S ACCOUNT.

Minnesota Statutes

§ 336.4A-505 — 336.4A-505 PRECLUSION OF OBJECTION TO DEBIT OF CUSTOMER'S ACCOUNT.

Minnesota § 336.4A-505

PartTRADE REGULATIONS, CONSUMER PROTECTION

Ch. 336UNIFORM COMMERCIAL CODE

This text of Minnesota § 336.4A-505 (336.4A-505 PRECLUSION OF OBJECTION TO DEBIT OF CUSTOMER'S ACCOUNT.) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 336.4A-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 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 year after the notification was received by the customer.