The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 4A-203)
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§ 4A—203. Unenforceability of certain verified payment orders
(a) If an accepted payment order is not, under subsection 4A—202(a) of this title, an authorized order of a customer identified as sender, but is effective as an order
of the customer pursuant to subsection 4A—202(b) of this title, the following rules apply:
(1) By express agreement evidenced by a record, 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 (i) entrusted at any time with duties to act for the customer with respect
to payment orders or the security procedure, or (ii) 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. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995; amended 2025, No. 17, § 5, eff. July 1, 2025.)