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Can you summarize ORRS Chapter 74A?
Commercial Transactions - Chapters 71-84 > Funds Transfers
Short Summary
This legal document, part of the Oregon Revised Statutes, specifically Chapter 71-84 on Commercial Transactions, governs payment orders in commercial transactions. It provides definitions for key terms such as ‘beneficiary,’ ‘beneficiary’s bank,’ ‘payment order,’ ‘receiving bank,’ and ‘sender.’ A payment order is an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not state any condition for payment other than the time of payment, and the receiving bank is reimbursed by debiting an account of the sender. The payment order can be transmitted orally, electronically, or in writing, directly to the receiving bank or through an agent, funds-transfer system, or communication system. If an instruction is to make multiple payments to a beneficiary, each payment is considered a separate payment order. This chapter applies to banks and customers involved in funds transfers. However, it does not apply to funds transfers governed by the Electronic Fund Transfer Act of 1978, except for remittance transfers that are not electronic fund transfers. No specific penalties are mentioned in this document.
Whom does it apply to?
This chapter applies to banks and customers involved in funds transfers.
What does it govern?
This legal document, part of the Oregon Revised Statutes, specifically Chapter 71-84 on Commercial Transactions, governs payment orders in commercial transactions. It provides definitions for key terms such as 'beneficiary,' 'beneficiary's bank,' 'payment order,' 'receiving bank,' and 'sender.' A payment order is an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not state any condition for payment other than the time of payment, and the receiving bank is reimbursed by debiting an account of the sender. The payment order can be transmitted orally, electronically, or in writing, directly to the receiving bank or through an agent, funds-transfer system, or communication system. If an instruction is to make multiple payments to a beneficiary, each payment is considered a separate payment order.
What are exemptions?
This chapter does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978, except for remittance transfers that are not electronic fund transfers.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Oregon