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Section 74A.2010 – Security procedure.

(1) “Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of: (a) Verifying that a payment order or communication amending or canceling a payment order is that of the customer; or (b) Detecting error in the transmission or the content of the payment order or communication. […]

Section 74A.2020 – Authorized and verified payment orders.

(1) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. (2) If a bank and its customer have agreed that the authenticity of payment orders issued to the bank […]

Section 74A.2030 – Unenforceability of certain verified payment orders.

(1) If an accepted payment order is not, under ORS 74A.2020, an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to ORS 74A.2020, the following rules apply: (a) By express written agreement, the receiving bank may limit the extent to which it is entitled to […]

Section 74A.2050 – Erroneous payment orders.

(1) The rules stated in subsection (2) of this section apply if an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order: (a) Erroneously instructed payment to a beneficiary not intended by the sender; (b) Erroneously instructed payment in an amount greater than the amount […]

Section 74A.2070 – Misdescription of beneficiary.

(1) Subject to subsection (2) of this section, if, in a payment order received by the beneficiary’s bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and acceptance of the order cannot occur. […]

Section 74A.2080 – Misdescription of intermediary bank or beneficiary’s bank.

(1) This subsection applies to a payment order identifying an intermediary bank or the beneficiary’s bank only by an identifying number. (a) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary’s bank and need not determine whether the number identifies a bank. (b) The sender is obliged […]

Section 74A.2090 – Acceptance of payment order.

(1) Subject to subsection (4) of this section, a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order. (2) Subject to subsections (3) and (4) of this section, a beneficiary’s bank accepts a payment order at the earliest of the following times: (a) When the bank: (A) Pays […]

Section 74A.2100 – Rejection of payment order.

(1) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not execute or pay the […]

Section 74A.2110 – Cancellation and amendment of payment order.

(1) A communication of the sender of a payment order canceling or amending the order may be transmitted to the receiving bank orally, electronically or in writing. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or amend the order unless the communication […]