SB1627

Modifies stop-payment order provisions under the Uniform Commercial Code in Missouri.

This bill amends the Uniform Commercial Code in Missouri to modify provisions regarding stop-payment orders. It allows any authorized person to stop payment or close an account if multiple signatures are required. A stop-payment order is effective unless canceled by an authorized person, but it lapses after fourteen days if not confirmed in writing. The customer bears the burden of proving loss from payment contrary to a stop-payment order. The bill repeals and replaces Section 400.4-403 to clarify the process for stopping payment or closing an account.