ORS 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 of the agreement to the extent provided in the agreement or in this chapter, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this chapter or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in ORS 74A.2090 (Acceptance of payment order) and liability is limited to that provided in this chapter. A receiving bank is not the agent of the sender or beneficiary of the payment order it accepts, or of any other party to the funds transfer, and the bank owes no duty to any party to the funds transfer except as provided in this chapter or by express agreement. [1991 c.442 §20]
EXECUTION OF SENDER’S PAYMENT ORDER BY RECEIVING BANK

Source: Section 74A.2120 — Liability and duty of receiving bank regarding unaccepted payment order, 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
Green check means up to date. Up to date

Current through early 2024

§ 74A.2120’s source at oregon​.gov