Chapter 74A - Funds Transfers
- 74A.1010 Short title.
This chapter may be cited as Uniform Commercial Code–Funds Transfers. [1991 c.442 §1]
- 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]
- 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...
- 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...
- 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...
- 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...
- 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...
- 74A.1080 Exclusion of consumer transactions covered by federal law.
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,...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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....
- 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...
- 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...
- 74A.2120 Liability and duty of receiving bank regarding unaccepted payment order.
If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach...
- 74A.3010 Execution and execution date.
(1) A payment order is “executed” by the receiving bank when it issues a payment order intended to carry out the payment order received by...
- 74A.3020 Obligations of receiving bank in execution of payment order.
(1) Except as provided in subsections (2) to (4) of this section, if the receiving bank accepts a payment order pursuant to ORS 74A.2090 (1),...
- 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...
- 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...
- 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...
- 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....
- 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...
- 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...
- 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...
- 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...
- 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:...
- 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...
- 74A.5020 Creditor process served on receiving bank; setoff by beneficiary’s bank.
(1) As used in this section, “creditor process” means levy, attachment, garnishment, notice of lien, sequestration or similar process issued by or on behalf of...
- 74A.5030 Injunction or restraining order with respect to funds transfer.
(1) For proper cause and in compliance with applicable law, a court may restrain: (a) A person from issuing a payment order to initiate a...
- 74A.5040 Order in which items and payment orders may be charged to account; order of withdrawals from account.
(1) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that...
- 74A.5050 Preclusion of objection to debit of customer’s account.
If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender...
- 74A.5060 Rate of interest.
(1) If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount...
- 74A.5070 Choice of law.
(1) The following rules apply unless the affected parties otherwise agree or subsection (3) of this section applies: (a) The rights and obligations between the...
