§ 4A–201
Statutes in effect as of October 1, 2026.
Md. Code Ann., Com. Law § 4A-201 (2026)
Title 4A. Funds Transfers
Subtitle 2. Issue and Acceptance of Payment Order
§ 4A–201LinkCopy Citation
(a)
“Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of:
(1)
Verifying that a payment order or communication amending or cancelling a payment order is that of the customer; or
(2)
Detecting error in the transmission or the content of the payment order or communication.
(b)
A “security procedure” may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices.
(c)
Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a “security procedure”.