The United States Circuit Court of Appeals for the Second Circuit in Regatos v. N. Fork Bank has certified the following two questions to the New York Court of Appeals:

1.  Can the one-year statute of repose established by New York U.C.C. Article 4A-505 be varied by agreement?  If so, are there any limits on the variation thereof (such as "reasonable time") that estop CBNY from denying Regatos recovery in this case?

2.  In the absence of agreement does New York U.C.C. Article 4A require actual notice, rather than constructive notice?  If so, can this requirement be altered by agreement of the parties and was such achieved here?

This case involves Plaintiff Regatos action against the Commercial Bank of New York and its successor-in-interest for the reimbursement of $600,000 that the bank  removed from is bank account pursuant to two separate wire transfers without his permission.  The Court will likely to determine whether to accept or reject these questions within the next two months (NYCL will keep you apprised of the decision).