N.Y. Uniform Commercial Code Law § 4-a-505: Preclusion of Objection to Debit of Customer's Account

Section 4-A-505. Preclusion of Objection to Debit of Customer's

Account.

If a receiving bank has received payment from its customer with

respect to a payment order issued in the name of the customer as sender

and accepted by the bank, and the customer received notification

reasonably identifying the order, the customer is precluded from

asserting that the bank is not entitled to retain the payment unless the

customer notifies the bank of the customer's objection to the payment

within one year after the notification was received by the customer.