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.2040 – Refund of payment and duty of customer to report with respect to unauthorized payment order.
(1) If a receiving bank accepts a payment order issued in the name of its customer as sender which is not authorized and not effective as the order of the customer under ORS 74A.2020 or not enforceable, in whole or in part, against the customer under ORS 74A.2030, the bank shall refund any payment of […]
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.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.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]