2013 Vermont Statutes
Title 09A Uniform Commercial Code
Article 4A Funds Transfers
§ 201 Security procedure
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. (Added 1993, No. 158 (Adj. Sess.), 14, eff. Jan. 1, 1995.)
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