If the sender of a payment order that is erroneously executed as stated in ORS 74A.3030 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 (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]
Section: Previous 74A.2090 74A.2100 74A.2110 74A.2120 74A.3010 74A.3020 74A.3030 74A.3040 74A.3050 74A.4010 74A.4020 74A.4030 74A.4040 74A.4050 74A.4060 NextLast modified: August 7, 2008