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2010 Florida Statutes

Title XXXIX COMMERCIAL RELATIONS
Chapter 670 UNIFORM COMMERCIAL CODE: FUNDS TRANSFERS Entire Chapter
SECTION 201
Security procedure.
F.S. 670.201
670.201

Security procedure.

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“Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of:

(1)

Verifying that a payment order or communication amending or canceling a payment order is that of the customer; or

(2)

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.

History.
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s. 1, ch. 91-70.