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 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
Section: Previous 74A.2050 74A.2060 74A.2070 74A.2080 74A.2090 74A.2100 74A.2110 74A.2120 74A.3010 74A.3020 74A.3030 74A.3040 74A.3050 74A.4010 74A.4020 NextLast modified: August 7, 2008