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As technology evolves, many banks forget to take advantage of a 30-year-old UCC provision that protects them when they accept remote customer directions to send. In a commercial context (this law doesn't apply to Regulation E transfers involving consumers), if a bank creates a commercially reasonable security procedure and requires the customer to follow that procedure in order to remotely authorize a transaction, and the customer agrees to the procedure, the risk of an unauthorized directi
A recent decision highlights the special remedy available to an owner of a home improvement whose contractor misused funds paid by the owner—a claim for personal liability of the officer or agent responsible for the diversion of trust funds.
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