Section 45.14.201. Security procedure.

Latest version.

   (a) In this chapter, "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.
   (b) A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, call-back 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.

Authorities

45.14.105

Notes

References

AS 45.14.105 Other definitions.

History

(Sec. 12 ch 34 SLA 1993)

                    
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