(1) As used in this chapter:
(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 (Additional definitions for Bank Act). 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 (Acceptance of payment order)
“Beneficiary” ORS 74A.1030 (Payment order)
“Beneficiary’s bank” ORS 74A.1030 (Payment order)
“Executed” ORS 74A.3010 (Execution and execution date)
“Execution date” ORS 74A.3010 (Execution and execution date)
“Funds transfer” ORS 74A.1040 (Funds transfer)
“Funds-transfer system rule” ORS 74A.5010 (Variation by agreement and effect of funds-transfer system rule)
“Intermediary bank” ORS 74A.1040 (Funds transfer)
“Originator” ORS 74A.1040 (Funds transfer)
“Originator’s bank” ORS 74A.1040 (Funds transfer)
“Payment by beneficiary’s
bank to beneficiary” ORS 74A.4050 (Payment by beneficiary’s bank to beneficiary)
“Payment by originator to
beneficiary” ORS 74A.4060 (Payment by originator to beneficiary)
“Payment by sender
to receiving bank” ORS 74A.4030 (Payment by sender to receiving bank)
“Payment date” ORS 74A.4010 (Payment date)
“Payment order” ORS 74A.1030 (Payment order)
“Receiving bank” ORS 74A.1030 (Payment order)
“Security procedure” ORS 74A.2010 (Security procedure)
“Sender” ORS 74A.1030 (Payment order)
(3) The following definitions in ORS chapter 74 apply to this chapter and ORS 71.1010 (Short titles):
“Clearing house” ORS 74.1040 (Definitions and index of definitions)
“Suspends payments” ORS 74.1040 (Definitions and index of definitions)
(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]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information