PRECLUSION OF OBJECTION TO DEBIT OF CUSTOMER'S ACCOUNT
(a) 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 (1) one year after the notification was received by the customer.
(b) The one-year period provided for in subsection (a) of this section may be reduced by agreement, but not to less than sixty (60) days.
Added by Laws 1990, c. 110, § 36, eff. July 1, 1991. Amended by Laws 2009, c. 208, § 19, eff. Nov. 1, 2009.
NOTE: Laws 2008, c. 382, § 19 was held unconstitutional by the Oklahoma Supreme Court in the case of Weddington v. Henry, 202 P.3d 143, 2008 OK 102 (2009) and repealed by Laws 2009, c. 208, § 22, eff. Nov. 1, 2009.
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