ORS 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 (Erroneous execution of payment order) receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the notification from the bank was received by the sender. If the sender fails to perform that duty, that bank is not obliged to pay interest on any amount refundable to the sender under ORS 74A.4020 (Obligation of sender to pay receiving bank) (4) for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section. [1991 c.442 §24]

Source: Section 74A.3040 — Duty of sender to report erroneously executed 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.3040’s source at oregon​.gov