Lawriter - ORC - 1304.76 Obligation of beneficiary's bank to pay and give notice to beneficiary

<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns="http://www.w3.org/1999/xhtml"> <head id="Head1"><script type="text/javascript" src="https://web-static.archive.org/_static/js/bundle-playback.js?v=7YQSqjSh" charset="utf-8"></script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/wombat.js?v=txqj7nKC" charset="utf-8"></script> <script>window.RufflePlayer=window.RufflePlayer||{};window.RufflePlayer.config={"autoplay":"on","unmuteOverlay":"hidden"};</script> <script type="text/javascript" src="https://web-static.archive.org/_static/js/ruffle/ruffle.js"></script> <script type="text/javascript"> __wm.init("https://web.archive.org/web"); __wm.wombat("http://codes.ohio.gov:80/orc/1304.76","20170501060648","https://web.archive.org/","web","https://web-static.archive.org/_static/", "1493618808"); </script> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/banner-styles.css?v=p7PEIJWi" /> <link rel="stylesheet" type="text/css" href="https://web-static.archive.org/_static/css/iconochive.css?v=3PDvdIFv" />  <title> Lawriter - ORC - 1304.76 Obligation of beneficiary's bank to pay and give notice to beneficiary - UCC 4A-404. </title><link href="/web/20170501060648cs_/http://codes.ohio.gov/_files/main.css" media="all" rel="Stylesheet" type="text/css"/><link href="/web/20170501060648cs_/http://codes.ohio.gov/_files/print.css" media="print" rel="Stylesheet" type="text/css"/> <script type="text/javascript"> var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-34415685-1']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://web.archive.org/web/20170501060648/https://ssl' : 'https://web.archive.org/web/20170501060648/http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })(); </script> <script language="javascript" type="text/javascript"> function fncheck() { try { // if (window.event.keyCode == 13) { var re = /\s/g; var ch=document.getElementById("query").value; ch = ch.replace(re, ""); if ((ch == null) || (ch.length == 0)) { return false; } else { return true; } // } } catch (err) { alert(err); } } function fnchecks() { try { var re = /\s/g; var typename=document.getElementById("from").value; var ch=document.getElementById("section").value; ch = ch.replace(re, ""); if ((ch == null) || (ch.length == 0)) { return false; } else if (typename=="orc") { if(ch.indexOf("-")>0 || ch.indexOf("%3A")>0) { alert("Are you looking for an Admin Rule. Please switch to Ohio Admin Code? "); return false; } var chklen =ch.substring(0,ch.indexOf(".")) if (chklen.length>0 && chklen.length < 3 && ch.indexOf(".")>0) { document.getElementById("section").value='gp' + ch; } return true; }else{ return true;} } catch (err) { alert(err); } } function fncheckqts() { try { var re = /"/g; var ch=document.getElementById("query").value; ch = ch.replace(re, "%22"); document.getElementById("query").value=ch; } catch (err) { alert(err); } } </script> </head> <body> <div id="header"> <div class="container"> <div class="content"> <div id="logo"> <span>LAW</span> <span id="writer"> <span id="w-in-writer">W</span>riter<sup><span>庐</span></sup> </span> <span id="ohio">Ohio Laws and Rules</span> </div> </div> </div> <div class="sidebar"> <div id="full-text-search"> <form action="/web/20170501060648/http://codes.ohio.gov/Search.aspx" method="get" onsubmit="javascript:return fncheckqts();"> <label for="query" accesskey="s"> <em class="mnemonic">S</em>earch ORC:<input type="hidden" name="from" value="orc"> </label> <input id="query" name="query" type="text"/> <input class="submit" value="Go" type="submit"/> <input type="hidden" id="msg" value="REPLACE_MESSAGE"/> </form> </div> <div id="links"> <a href="/web/20170501060648/http://codes.ohio.gov/oac" title="Ohio Administrative Code">Ohio Administrative Code</a> <a href="/web/20170501060648/http://codes.ohio.gov/" class="constant" title="home">Home</a> <a href="/web/20170501060648/http://codes.ohio.gov/help.aspx" class="constant" title="help">Help</a> </div> </div> <div id="infobar"> <a href="javascript:;" accesskey="r" name="Route" title="Route" class="quickkey"> <em class="mnemonic">R</em>oute</a>: <ul class="breadcrumb"><li> <a href="/web/20170501060648/http://codes.ohio.gov/orc" name="orc" title="orc"> Ohio Revised Code</a></li><li> » <a href="/web/20170501060648/http://codes.ohio.gov/orc/13" title="13">Title [13] XIII COMMERCIAL TRANSACTIONS - OHIO UNIFORM COMMERCIAL CODE</a> </li><li> » <a href="/web/20170501060648/http://codes.ohio.gov/orc/1304" title="1304">Chapter 1304: BANK DEPOSITS AND COLLECTIONS</a> </li></ul> </div> </div> <div id="doc" class="container"> <div class="content"><h2> 1304.76 Obligation of beneficiary's bank to pay and give notice to beneficiary - UCC 4A-404.</h2> </b></p> <p> <p> <a style="white-space:nowrap;" title="搂 1304.76. (A)" name="1304.76(A)">(A)</a> Subject to division (E) of section <a class="CodeLink" href="/web/20170501060648/http://codes.ohio.gov/orc/1304.66" title="1304.66"> 1304.66</a> and divisions (D) and (E) of section <a class="CodeLink" href="/web/20170501060648/http://codes.ohio.gov/orc/1304.77" title="1304.77"> 1304.77</a> of the Revised Code, if a beneficiary's bank accepts a payment order, the bank shall pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but, if acceptance occurs on the payment date after the close of the funds-transfer business day of the bank, payment is due on the next funds-transfer business day. If the bank refuses to pay after demand by the beneficiary and receipt of notice of particular circumstances that will give rise to consequential damages as a result of nonpayment, the beneficiary may recover damages resulting from the refusal to pay to the extent the bank had notice of the damages, unless the bank proves that it did not pay because of a reasonable doubt concerning the right of the beneficiary to payment. </p> <p> <a style="white-space:nowrap;" title="搂 1304.76. (B)" name="1304.76(B)">(B)</a> If a payment order accepted by the beneficiary's bank instructs payment to an account of the beneficiary, the bank shall notify the beneficiary of receipt of the order before midnight of the next funds-transfer business day following the payment date. If the payment order does not instruct payment to an account of the beneficiary, the bank shall notify the beneficiary only if notice is required by the order. Notice may be given by first class mail or any other means reasonable in the circumstances. If the bank fails to give the required notice, the bank shall pay interest to the beneficiary on the amount of the payment order from the day notice should have been given until the day the beneficiary learned of receipt of the payment order by the bank. No other damages are recoverable. Reasonable attorney's fees are also recoverable if demand for interest is made and refused before an action is brought on the claim. </p> <p> <a style="white-space:nowrap;" title="搂 1304.76. (C)" name="1304.76(C)">(C)</a> The right of a beneficiary to receive payment and damages as stated in division (A) of this section shall not be varied by agreement or a funds-transfer system rule. The right of a beneficiary to be notified as provided in division (B) of this section may be varied by agreement of the beneficiary or by a funds-transfer system rule if the beneficiary is notified of the rule before initiation of the funds transfer. </p> <p class="HistoryFirst"> Effective Date: 10-23-1991 .</font> </p> </p> </div> </div> <div id="toc" class="sidebar"> <form action="/web/20170501060648/http://codes.ohio.gov/Search.aspx" method="get" onsubmit="javascript:return fnchecks();"> <div> <input type="hidden" id="from" name="from" value="orc"/> <label accesskey="g" for="section"> <em class="mnemonic">G</em>o To:</label> <input id="section" name="section" type="text" value=""/> <input class="submit" type="submit" value="Go"/> </div> </form> <div class="prev-next"> <a href="/web/20170501060648/http://codes.ohio.gov/orc/1304.75" accesskey="p" name="Previous" title="Previous"><em class="mnemonic">P</em>rev</a> | <a href="/web/20170501060648/http://codes.ohio.gov/orc/1304.77" accesskey="n" name="Next" title="Next"><em class="mnemonic">N</em>ext</a> </div> </div> </body></html>

CINXE.COM

Lawriter - ORC - 1304.76 Obligation of beneficiary's bank to pay and give notice to beneficiary - UCC 4A-404.