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Can you summarize UTCO 70A-4-403?
Relationship Between Payor Bank and Its Customer > Customer's right to stop-payment -- Burden of proof of loss.
Short Summary
This legal document, found in the Utah Code under the Uniform Commercial Code - Bank Deposits and Collections, pertains to the customer’s right to stop payment on any item drawn on their account or close the account. The customer or any authorized person may issue an order to the bank to stop payment or close the account, providing a clear description of the item or account. A stop-payment order is effective for six months, but if the original order was oral and not confirmed in writing within 14 calendar days, it lapses. The customer has the burden of proving the fact and amount of loss resulting from the payment of an item contrary to a stop-payment order or order to close the account. The loss may include damages for dishonor of subsequent items. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Customers and persons 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 penalties are mentioned
Jurisdiction
Utah