The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
47-4A203 - Unenforceability of certain verified payment orders
47-4A203. Unenforceability of certain verified payment orders
A. If an accepted payment order is not, under section 47-4A202, subsection A, an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to section 47-4A202, subsection B, the following rules apply:
1. By express written agreement, the receiving bank may limit the extent to which it is entitled to enforce or retain payment of the payment order.
2. The receiving bank is not entitled to enforce or retain payment of the payment order if the customer proves that the order was not caused, directly or indirectly, by a person entrusted at any time with duties to act for the customer with respect to payment orders or the security procedure or who obtained access to transmitting facilities of the customer or who obtained, from a source controlled by the customer and without authority of the receiving bank, information facilitating breach of the security procedure, regardless of how the information was obtained or whether the customer was at fault. Information includes any access device, computer software or the like.
B. This section applies to amendments of payment orders to the same extent it applies to payment orders.