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 […]
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.2060 – Transmission of payment order through funds transfer or other communication system.
(1) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the […]
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 […]