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; […]
Section 74A.4060 – Payment by originator to beneficiary; discharge of underlying obligation.
(1) Subject to ORS 74A.2110 (5) and 74A.4050 (4) and (5), the originator of a funds transfer pays the beneficiary of the originator’s payment order: (a) At the time a payment order for the benefit of the beneficiary is accepted by the beneficiary’s bank in the funds transfer; and (b) In an amount equal to […]
Section 74A.5010 – Variation by agreement and effect of funds-transfer system rule.
(1) Except as otherwise provided in this chapter, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party. (2) “Funds-transfer system rule” means a rule of an association of banks: (a) Governing transmission of payment orders by means of a funds-transfer system of the association […]
Section 74A.3030 – Erroneous execution of payment order.
(1) A receiving bank that executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender’s order, or issues a payment order in execution of the sender’s order and then issues a duplicate order, is entitled to payment of the amount of the sender’s […]
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.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 […]