HB 264

Amends GS 25-4A-201, which defines a security procedure as 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. Now adds the requirement that a security procedure require the receiving bank to verbally verify the payment order or communication with the customer and, if the receiving bank is the beneficiary's bank, the beneficiary.