(2) "Funds-transfer system rule" means a rule of an association of banks:
(a) Governing transmission of payment orders by means of a funds-transfer system of the association or rights and obligations with respect to those orders; or
(b) To the extent the rule governs rights and obligations between banks that are parties to a funds transfer in which a Federal Reserve Bank, acting as an intermediary bank, sends a payment order to the beneficiary’s bank.
(3) Except as otherwise provided in this chapter, a funds-transfer system rule governing rights and obligations between participating banks using the system may be effective even if the rule conflicts with this chapter and indirectly affects another party to the funds transfer who does not consent to the rule. A funds-transfer system rule may also govern rights and obligations of parties other than participating banks using the system to the extent stated in ORS 74A.4040 (3), 74A.4050 (4) and 74A.5070 (3). [1991 c.442 §32]
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.