Section 74A.1040 – Funds transfer; definitions.
As used in this chapter: (1) “Funds transfer” means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator’s payment order. […]
Section 74A.1050 – Other definitions.
(1) As used in this chapter: (a) “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized […]
Section 74A.1060 – Time payment order is received.
(1) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in ORS 71.2020. A receiving bank may fix a cutoff time or times on a funds-transfer business day for the receipt and processing of payment orders […]
Section 74A.1070 – Federal Reserve regulations and operating circulars.
Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this chapter to the extent of the inconsistency. [1991 c.442 §7]
Section 74A.1080 – Exclusion of consumer transactions covered by federal law; remittance transfers.
(1) Except as provided in subsection (2) of this section, this chapter does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, P.L. 95.630, 92 Stat. 3728, 15 U.S.C. 1693 et seq.). (2) This chapter applies to a funds transfer that is […]
Section 74A.1030 – Payment order; definitions.
(1) As used in this chapter: (a) “Beneficiary” means the person to be paid by the beneficiary’s bank. (b) “Beneficiary’s bank” means the bank identified in a payment order in which an account for the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if […]
Section 74A.1010 – Short title.
This chapter may be cited as Uniform Commercial Code–Funds Transfers. [1991 c.442 §1]
Section 74A.1020 – Subject matter.
Except as otherwise provided in ORS 74A.1080, this chapter applies to funds transfers defined in ORS 74A.1040. [1991 c.442 §2]