NJ: Non-Customer of Bank Cannot Bring Negligence Claim for Improper Transfer

In a matter of first impression, the New Jersey Supreme Court held that a non-customer of a bank can’t bring a common law negligence claim for an improper money transfer made by over the Internet.  The court held the legislature intended New Jersey’s version of UCC 4A to create the exclusive remedy for an alleged breach of duty when a bank makes an electronic funds transfer.

(Via JDSupra)