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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 1304.61 | Transmission of payment order through funds-transfer or other communication system - UCC 4A-206.

Ohio Revised Code
/
Title 13 Commercial Transactions
/
Chapter 1304 Bank Deposits And Collections
 
Effective:
October 23, 1991
Latest Legislation:
House Bill 221 - 119th General Assembly
PDF:
Download Authenticated PDF
 

(A) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system.

(B) This section does not apply to a funds-transfer system of the federal reserve banks.

(C) This section applies to cancellations and amendments of payment orders to the same extent it applies to payment orders.

Available Versions of this Section