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.3040 – Duty of sender to report erroneously executed payment order.
If the sender of a payment order that is erroneously executed as stated in ORS 74A.3030 receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information […]
Section 74A.3050 – Liability for late or improper execution or failure to execute payment order.
(1) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of ORS 74A.3020 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by […]
Section 74A.4010 – Payment date.
“Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, […]
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 […]