ORS 74A.3050
Liability for late or improper execution or failure to execute payment order


(1)

If a funds transfer is completed but execution of a payment order by the receiving bank in breach of ORS 74A.3020 (Obligations of receiving bank in execution of payment order) results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improper execution. Except as provided in subsection (3) of this section, additional damages are not recoverable.

(2)

If execution of a payment order by a receiving bank in breach of ORS 74A.3020 (Obligations of receiving bank in execution of payment order) results in noncompletion of the funds transfer, failure to use an intermediary bank designated by the originator or issuance of a payment order that does not comply with the terms of the payment order of the originator, the bank is liable to the originator for the expenses of the originator in the funds transfer and for incidental expenses and interest losses, to the extent not covered by subsection (1) of this section, resulting from the improper execution. Except as provided in subsection (3) of this section, additional damages are not recoverable.

(3)

In addition to the amounts payable under subsections (1) and (2) of this section, damages, including consequential damages, are recoverable to the extent provided in an express written agreement of the receiving bank.

(4)

If a receiving bank fails to execute a payment order it was obliged by express agreement to execute, the receiving bank is liable to the sender for the expenses of the sender in the transaction and for incidental expenses and interest losses resulting from the failure to execute. Additional damages, including consequential damages, are recoverable to the extent provided in an express written agreement of the receiving bank, but are not otherwise recoverable.

(5)

The court may award reasonable attorney fees to the prevailing party in an action to recover amounts under this section.

(6)

Except as stated in this section, the liability of a receiving bank under subsections (1) and (2) of this section may not be varied by agreement. [1991 c.442 §25; 1995 c.618 §44]

Source: Section 74A.3050 — Liability for late or improper execution or failure to execute payment order, https://www.­oregonlegislature.­gov/bills_laws/ors/ors74A.­html.

74A.1010
Short title
74A.1020
Subject matter
74A.1030
Payment order
74A.1040
Funds transfer
74A.1050
Other definitions
74A.1060
Time payment order is received
74A.1070
Federal Reserve regulations and operating circulars
74A.1080
Exclusion of consumer transactions covered by federal law
74A.2010
Security procedure
74A.2020
Authorized and verified payment orders
74A.2030
Unenforceability of certain verified payment orders
74A.2040
Refund of payment and duty of customer to report with respect to unauthorized payment order
74A.2050
Erroneous payment orders
74A.2060
Transmission of payment order through funds transfer or other communication system
74A.2070
Misdescription of beneficiary
74A.2080
Misdescription of intermediary bank or beneficiary’s bank
74A.2090
Acceptance of payment order
74A.2100
Rejection of payment order
74A.2110
Cancellation and amendment of payment order
74A.2120
Liability and duty of receiving bank regarding unaccepted payment order
74A.3010
Execution and execution date
74A.3020
Obligations of receiving bank in execution of payment order
74A.3030
Erroneous execution of payment order
74A.3040
Duty of sender to report erroneously executed payment order
74A.3050
Liability for late or improper execution or failure to execute payment order
74A.4010
Payment date
74A.4020
Obligation of sender to pay receiving bank
74A.4030
Payment by sender to receiving bank
74A.4040
Obligation of beneficiary’s bank to pay and give notice to beneficiary
74A.4050
Payment by beneficiary’s bank to beneficiary
74A.4060
Payment by originator to beneficiary
74A.5010
Variation by agreement and effect of funds-transfer system rule
74A.5020
Creditor process served on receiving bank
74A.5030
Injunction or restraining order with respect to funds transfer
74A.5040
Order in which items and payment orders may be charged to account
74A.5050
Preclusion of objection to debit of customer’s account
74A.5060
Rate of interest
74A.5070
Choice of law
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