Section 74A.5020 – Creditor process served on receiving bank; setoff by beneficiary’s bank.
(1) As used in this section, “creditor process” means levy, attachment, garnishment, notice of lien, sequestration or similar process issued by or on behalf of a creditor or other claimant with respect to an account. (2) This subsection applies to creditor process with respect to an authorized account of the sender of a payment order […]
Section 74A.5030 – Injunction or restraining order with respect to funds transfer.
(1) For proper cause and in compliance with applicable law, a court may restrain: (a) A person from issuing a payment order to initiate a funds transfer; (b) An originator’s bank from executing the payment order of the originator; or (c) The beneficiary’s bank from releasing funds to the beneficiary or the beneficiary from withdrawing […]
Section 74A.5040 – Order in which items and payment orders may be charged to account; order of withdrawals from account.
(1) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence. (2) In determining whether a credit […]
Section 74A.5050 – Preclusion of objection to debit of customer’s account.
If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment […]
Section 74A.5060 – Rate of interest.
(1) If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined: (a) By agreement of the sender and receiving bank; or (b) By a funds-transfer system rule if the payment order is transmitted through a funds-transfer system. […]
Section 74A.5070 – Choice of law.
(1) The following rules apply unless the affected parties otherwise agree or subsection (3) of this section applies: (a) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located. (b) The rights and obligations between […]
Section 74A.4020 – Obligation of sender to pay receiving bank.
(1) This section is subject to ORS 74A.2050 and 74A.2070. (2) With respect to a payment order issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the order. (3) This […]
Section 74A.4030 – Payment by sender to receiving bank.
(1) Payment of the sender’s obligation under ORS 74A.4020 to pay the receiving bank occurs as follows: (a) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve Bank or through a funds-transfer system. (b) If the sender is a bank and the […]
Section 74A.4040 – Obligation of beneficiary’s bank to pay and give notice to beneficiary.
(1) Subject to ORS 74A.2110 (5) and 74A.4050 (4) and (5), if a beneficiary’s bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment date after […]
Section 74A.4050 – Payment by beneficiary’s bank to beneficiary.
(1) If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under ORS 74A.4040 (1) occurs when and to the extent: (a) The beneficiary is notified of the right to withdraw the credit; (b) The bank lawfully applies the credit to a debt of the beneficiary; […]