ORS 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 to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.

(2)

This subsection applies to a payment order identifying an intermediary bank or the beneficiary’s bank both by name and an identifying number if the name and number identify different persons.

(a)

If the sender is a bank, the receiving bank may rely on the number as the proper identification of the intermediary or beneficiary’s bank if the receiving bank, when it executes the sender’s order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person or whether the number refers to a bank. The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.

(b)

If the sender is not a bank and the receiving bank proves that the sender, before the payment order was accepted, had notice that the receiving bank might rely on the number as the proper identification of the intermediary or beneficiary’s bank even if it identifies a person different from the bank identified by name, the rights and obligations of the sender and the receiving bank are governed by paragraph (a) of this subsection, as though the sender were a bank. Proof of notice may be made by any admissible evidence. The receiving bank satisfies the burden of proof if it proves that the sender, before the payment order was accepted, signed a writing stating the information to which the notice relates.

(c)

Regardless of whether the sender is a bank, the receiving bank may rely on the name as the proper identification of the intermediary or beneficiary’s bank if the receiving bank, at the time it executes the sender’s order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person.

(d)

If the receiving bank knows that the name and number identify different persons, reliance on either the name or the number in executing the sender’s payment order is a breach of the obligation stated in ORS 74A.3020 (Obligations of receiving bank in execution of payment order) (1)(a). [1991 c.442 §16]

Source: Section 74A.2080 — Misdescription of intermediary bank or beneficiary’s bank, https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html.

74A.1010
Short title
74A.1020
Subject matter
74A.1030
Payment order
74A.1040
Funds transfer
74A.1050
Other definitions
74A.1060
Time payment order is received
74A.1070
Federal Reserve regulations and operating circulars
74A.1080
Exclusion of consumer transactions covered by federal law
74A.2010
Security procedure
74A.2020
Authorized and verified payment orders
74A.2030
Unenforceability of certain verified payment orders
74A.2040
Refund of payment and duty of customer to report with respect to unauthorized payment order
74A.2050
Erroneous payment orders
74A.2060
Transmission of payment order through funds transfer or other communication system
74A.2070
Misdescription of beneficiary
74A.2080
Misdescription of intermediary bank or beneficiary’s bank
74A.2090
Acceptance of payment order
74A.2100
Rejection of payment order
74A.2110
Cancellation and amendment of payment order
74A.2120
Liability and duty of receiving bank regarding unaccepted payment order
74A.3010
Execution and execution date
74A.3020
Obligations of receiving bank in execution of payment order
74A.3030
Erroneous execution of payment order
74A.3040
Duty of sender to report erroneously executed payment order
74A.3050
Liability for late or improper execution or failure to execute payment order
74A.4010
Payment date
74A.4020
Obligation of sender to pay receiving bank
74A.4030
Payment by sender to receiving bank
74A.4040
Obligation of beneficiary’s bank to pay and give notice to beneficiary
74A.4050
Payment by beneficiary’s bank to beneficiary
74A.4060
Payment by originator to beneficiary
74A.5010
Variation by agreement and effect of funds-transfer system rule
74A.5020
Creditor process served on receiving bank
74A.5030
Injunction or restraining order with respect to funds transfer
74A.5040
Order in which items and payment orders may be charged to account
74A.5050
Preclusion of objection to debit of customer’s account
74A.5060
Rate of interest
74A.5070
Choice of law
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