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Can you summarize NDCC Section 41-04-34?
Bank Deposits and Collections > (4-403) Customer's right to stop payment - Burden of proof of loss.
Short Summary
This legal document, part of the North Dakota Century Code’s Uniform Commercial Code on Bank Deposits and Collections, governs the customer’s right to stop payment on any item drawn on their account or close the account. The customer or any authorized person can issue an order to the bank to stop payment or close the account, providing a clear description of the item or account. The stop order is effective for six months, but if the original order was oral and not confirmed in a record within fourteen calendar days, it lapses. The customer bears the burden of proving the fact and amount of loss resulting from payment contrary to a stop payment order or account closure order. The loss may include damages for dishonor of subsequent items. This document does not specify any penalties for non-compliance or violation.
Whom does it apply to?
Customers or any other person authorized to draw on the account
What does it govern?
Customer's right to stop payment - Burden of proof of loss
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
North Dakota