2011 New Mexico Statutes
Chapter 55: Uniform Commercial Code
Article 4A: Funds Transfers, 55-4A-101 through 55-4A-507
Section 55-4A-201: Security procedure.
55-4A-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 canceling 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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