(a) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.
(b) "Bank" means a financial institution, as defined in ORS 706.008. A branch or separate office of a bank is a separate bank for purposes of this chapter.
(c) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.
(d) "Funds-transfer business day" of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing and transmittal of payment orders and cancellations and amendments of payment orders.
(e) "Funds-transfer system" means a wire transfer network, automated clearing house, or other communication system of a clearing house or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed.
(f) "Prove" with respect to a fact means to meet the burden of establishing the fact.
(2) Other definitions applying to this chapter and the sections in which they appear are:
"Acceptance" ORS 74A.2090
"Beneficiary" ORS 74A.1030
"Beneficiary’s bank" ORS 74A.1030
"Executed" ORS 74A.3010
"Execution date" ORS 74A.3010
"Funds transfer" ORS 74A.1040
"Funds-transfer system rule" ORS 74A.5010
"Intermediary bank" ORS 74A.1040
"Originator" ORS 74A.1040
"Originator’s bank" ORS 74A.1040
"Payment by beneficiary’s
bank to beneficiary" ORS 74A.4050
"Payment by originator to
beneficiary" ORS 74A.4060
"Payment by sender
to receiving bank" ORS 74A.4030
"Payment date" ORS 74A.4010
"Payment order" ORS 74A.1030
"Receiving bank" ORS 74A.1030
"Security procedure" ORS 74A.2010
"Sender" ORS 74A.1030
(3) The following definitions in ORS chapter 74 apply to this chapter and ORS 71.1010:
"Clearing house" ORS 74.1040
"Item" ORS 74.1040
"Suspends payments" ORS 74.1040
(4) In addition ORS chapter 71 contains general definitions and principles of construction and interpretation applicable throughout this chapter. [1991 c.442 §5; 1997 c.631 §381; 2009 c.181 §46a]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 074A - Funds Transfers
Section 74A.1030 - Payment order; definitions.
Section 74A.1040 - Funds transfer; definitions.
Section 74A.1050 - Other definitions.
Section 74A.1060 - Time payment order is received.
Section 74A.1080 - Exclusion of consumer transactions covered by federal law; remittance transfers.
Section 74A.2010 - Security procedure.
Section 74A.2020 - Authorized and verified payment orders.
Section 74A.2030 - Unenforceability of certain verified payment orders.
Section 74A.2050 - Erroneous payment orders.
Section 74A.2070 - Misdescription of beneficiary.
Section 74A.2080 - Misdescription of intermediary bank or beneficiary’s bank.
Section 74A.2090 - Acceptance of payment order.
Section 74A.2100 - Rejection of payment order.
Section 74A.2110 - Cancellation and amendment of payment order.
Section 74A.3010 - Execution and execution date.
Section 74A.3020 - Obligations of receiving bank in execution of payment order.
Section 74A.3030 - Erroneous execution of payment order.
Section 74A.3050 - Liability for late or improper execution or failure to execute payment order.
Section 74A.4020 - Obligation of sender to pay receiving bank.
Section 74A.4030 - Payment by sender to receiving bank.
Section 74A.4040 - Obligation of beneficiary’s bank to pay and give notice to beneficiary.
Section 74A.4050 - Payment by beneficiary’s bank to beneficiary.
Section 74A.4060 - Payment by originator to beneficiary; discharge of underlying obligation.
Section 74A.5010 - Variation by agreement and effect of funds-transfer system rule.
Section 74A.5020 - Creditor process served on receiving bank; setoff by beneficiary’s bank.
Section 74A.5030 - Injunction or restraining order with respect to funds transfer.